Income Tax Regulations — 1900
a change in premium due to a change in frequency of premium payments within a year that does not alter the present value, at the beginning of the year, of the total premiums to be paid under the policy in the year, (c) an addition under the terms of the policy as they existed on March 2, 1988, of accidental death, dismemberment, disability or guaranteed purchase option benefits, (d) a deletion of a rider, (e) redating lapsed policies within 60 days after the end of the calendar year in which the lapse occurred, or redating for policy loan indebtedness, (f) a change in premium due to a correction of erroneous information, (g) the payment of a premium after its due date, or no more than 30 days before its due date, as established on or before March 2, 1988, or (h) the payment of an amount of interest described in subparagraph 148(9)(e.1)(i) of the Act; ( opération ou événement déterminé ) taxable life insurance policy of an insurer at any time means a life insurance policy in Canada issued by the insurer (or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder), other than a policy that is at that time an excluded arrangement. ( police d’assurance-vie imposable ) (2) For the purposes of this Part, (a) any rider added, at any time after March 2, 1988, to a life insurance policy shall be deemed to be a separate life insurance policy issued at that time; and (b) in respect of an insurer’s first taxation year that commences after June 17, 1987 and ends after 1987, the maximum amount that would have been deductible under subparagraph 138(3)(a)(i), (ii) or (iv) of the Act, as the case may be, in computing the insurer’s income for the immediately preceding year shall be determined as though the provisions that apply in determining that maximum amount for that first taxation year were applicable in respect of that immediately preceding year. Prescribed Provisions (3) For the purposes of paragraph (b) of the description of C in subsection 211.1(3) of the Act, as it read in its application to taxation years beginning before 1990, the provisions of the Act that are prescribed are paragraphs 12(1)(i), (i.1), (n), (n.1), (n.2), (n.3), (o), (t) and (v) and subsections 13(1), 59(3.2) and (3.3), 138(4.4) and 140(2). Prescribed Arrangements (4) For the purposes of the description of D in subsection 211.1(3) of the Act, as it read in its application to taxation years beginning before 1990, prescribed arrangements in respect of an insurer are (a) life insurance policies in Canada issued by the insurer (or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder) that are group term life insurance policies or existing guaranteed life insurance policies; (b) life insurance policies (other than life insurance policies in Canada) issued by the insurer (or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder); (c) retirement compensation arrangements in respect of which the insurer is the custodian; and (d) reinsurance arrangements under which the insurer has assumed or ceded risks insured under life insurance policies (other than policies issued by the insurer or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder). Prescribed Rules for Determining Amounts (5) The amount in the description of D in subsection 211.1(3) of the Act, as it read in its application to taxation years beginning before 1990, in respect of a life insurer for a taxation year is determined by the formula A - B + C - D - E - F where A is the total of all amounts each of which is the maximum amount that would be deductible under subparagraph 138(3)(a)(i), (ii) or (iv) of the Act in respect of an excluded arrangement of the insurer in computing the insurer’s income for the year, if that amount were determined without reference to any policy loan; B is the total of all am