GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Regulations — 1218
1218 (1) For the purposes of subsection 66(14.2) of the Act, prescribed Canadian development expense of a corporation for a taxation year is the amount, if any, by which its total specified development expenses for the year exceed its total development assistance for the year. (2) For the purposes of subsection (1), the total specified development expenses of a particular corporation for a particular taxation year is the aggregate of (a) all expenses (other than expenses referred to in paragraph (b) or (c)) that are described in subparagraph 66.2(5)(a)(i) or (i.1) of the Act and that were incurred by the corporation in the particular year and after March 1985 and before October 1986, (b) where the particular corporation is a shareholder corporation of a joint exploration corporation, all expenses that are described in subparagraph 66.2(5)(a)(i) or (i.1) of the Act, that were incurred by the joint exploration corporation after March 1985 and before October 1986 and in the taxation year of the joint exploration corporation ending in the particular year and that were deemed under paragraph 66(10.2)(c) of the Act to be Canadian development expenses incurred by the particular corporation in the particular year, and (c) all expenses that would be described in subparagraph 66.2(5)(a)(iv) or (v) of the Act if the references in those subparagraphs to “any of subparagraphs (i) to (iii) incurred” were read as “subparagraph (i) or (i.1) incurred after March 1985 and before October 1986,” and that were incurred by the particular corporation in the particular year or by a partnership in a fiscal period of the partnership that ended in the particular year if, at the end of that fiscal period, the particular corporation was a member of the partnership, other than (d) expenses renounced by the corporation at any time under subsection 66(10.2), (12.601) or (12.62) of the Act, (e) Canadian exploration and development overhead expenses of the corporation or of a partnership of which the corporation was a member, or (f) expenses incurred or deemed to have been incurred by the corporation in a period during which it was exempt from tax on its taxable income under Part I of the Act. (3) For the purposes of subsection (1), the total development assistance of a corporation for a taxation year is the aggregate of all amounts each of which is an amount of assistance or benefit that the corporation has received or is entitled to receive in the year from a government, municipality or other public authority in respect of an expense that is included in its total specified development expenses for the year by virtue of paragraph (2)(a) or (c), whether such mount is by way of a grant, subsidy, rebate, forgivable loan, deduction from royalty or tax, rebate of royalty or tax, investment allowance or any other form of assistance or benefit. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/88-423, s. 2; SOR/94-686, ss. 58(F), 78(F), 79(F), 81(F); SOR/96-199, s. 3
Income Tax Regulations — 1300
1300 (1) Any election by an individual under paragraph 48(1)(c) of the Act shall be made by filing with the Minister the prescribed form on or before the day on or before which the return of income for the year in which the taxpayer ceased to be resident in Canada is required to be filed under section 150 of the Act. (2) Any election by a Canadian corporation under paragraph 48(1)(c) of the Act shall be made by filing with the Minister, on or before the day on or before which the return of income for the year in which the corporation ceased to be resident in Canada is required to be filed under section 150 of the Act, the following documents in duplicate: (a) the form prescribed by the Minister; (b) where the directors of the corporation are legally entitled to administer the affairs of the corporation, a certified copy of their resolution authorizing the election to be made; and (c) where the directors of the corporation are not legally entitled to administer the affairs of the corporation, a certified copy of the authorization of the making of the election by the person or persons legally entitled to administer the affairs of the corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, s. 79(F)
Income Tax Regulations — 1301
1301 (1) Any election by an individual under subsection 159(4) of the Act shall be made by filing with the Minister the prescribed form on or before the day on or before which the return of income for the year in which the taxpayer ceased to be resident in Canada is required to be filed under section 150 of the Act. (2) Any election by a Canadian corporation under subsection 159(4) of the Act shall be made by filing with the Minister, on or before the day on or before which the return of income for the year in which the corporation ceased to be resident in Canada is required to be filed under section 150 of the Act, the following documents in duplicate: (a) the form prescribed by the Minister; (b) where the directors of the corporation are legally entitled to administer the affairs of the corporation, a certified copy of their resolution authorizing the election to be made; and (c) where the directors of the corporation are not legally entitled to administer the affairs of the corporation, a certified copy of the authorization of the making of the election by the person or persons legally entitled to administer the affairs of the corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, s. 79(F)
Income Tax Regulations — 1302
1302 Any election by an individual under paragraph 48(1)(a) of the Act shall be made by filing with the Minister the prescribed form on or before the day on or before which the return of income for the year in which the taxpayer ceased to be resident in Canada is required to be filed under section 150 of the Act. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/88-165, s. 7
Income Tax Regulations — 1400
o guarantee the obligations of the insurer under a policy that insures a risk related to a financial loss of a lender on a loan made on the security of real property; G is an amount in respect of policies that insure earthquake risks in Canada equal to the lesser of (a) the portion of the reported reserve of the insurer at the end of the year in respect of those risks that is attributable to accumulations from premiums in respect of those risks (other than an amount included under the description of A, B, C, D, E or F), and (b) a reasonable amount as a reserve determined at the end of the year in respect of those risks (other than an amount included under the description of A, B, C, D, E or F); H is the total of all amounts each of which is an amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) if no portion of the reinsurance contract held amount for the group is in respect of the reinsurance of a risk under life insurance policies, the reinsurance contract held amount for the group, and (b) in any other case, the amount that would be the reinsurance contract held amount for the group if the amount were determined excluding any portion of that amount that is in respect of the reinsurance of a risk under life insurance policies; I is the total of all amounts each of which is the amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) if no portion of the contractual service margin for the group is in respect of the reinsurance of a risk under a policy other than a policy described in paragraph (a) of the description of D, or a policy in respect of insurance described in paragraph (b) or (c) of the description of D, the contractual service margin for the group, and (b) in any other case, the amount that would be the contractual service margin for the group if the contractual service margin were determined excluding any portion of the contractual service margin other than that portion that is in respect of the reinsurance of a risk under a policy described in paragraph (a) of the description of D, and a policy in respect of insurance described in paragraph (b) or (c) of the description of D; and J is the reinsurance contract held amount in respect of a group of reinsurance contracts that is included in the description of H and that is in respect of a liability for incurred claims in respect of a group of insurance contracts that is included in the description of C. (4) [Repealed, 2022, c. 19, s. 78] (5) [Repealed, SOR/2002-123, s. 4] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-425, s. 1; SOR/80-419, s. 1; SOR/88-165, s. 8; SOR/90-661, s. 2; SOR/92-681, s. 3(F); SOR/94-297, s. 1; SOR/94-415, s. 4; SOR/94-686, ss. 56(F), 57(F), 81(F); SOR/96-443, s. 1; SOR/99-269, ss. 1, 2; SOR/2002-123, ss. 3, 4 2022, c. 19, s. 78 2026, c. 3, s. 107
Income Tax Regulations — 1401
nd at a particular time after 2016 life insurance — in respect of a life, or two or more lives jointly insured, and in respect of which a particular schedule of premium or cost of insurance rates applies — is added to the policy or is term insurance that is converted into permanent life insurance within the policy, then that insurance is deemed to be a separate life insurance policy issued at the particular time unless (i) the insurance is part of a rider deemed by subsection 211(2) of the Act to be a separate life insurance policy issued at the particular time, or (ii) in the case of insurance added to the policy, (A) the insurance is medically underwritten (I) to obtain a reduction in the premium or cost of insurance rates under the policy, or (II) before 2017, or (B) the insurance is paid for with policy dividends or is reinstated. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-425, s. 1; SOR/80-618, s. 3; SOR/84-948, s. 8; SOR/86-1136, s. 2; SOR/90-661, s. 3; SOR/92-681, s. 3(F); SOR/94-415, s. 5; SOR/94-686, s. 13(F); SOR/99-269, s. 4; SOR/2002-123, s. 1; 2009, c. 2, s. 99; 2014, c. 39, s. 86; 2017, c. 33, s. 93
Income Tax Regulations — (a)
benefit on death includes the amount of an endowment benefit but does not include (a) any additional amount payable as a result of accidental death; and (b) where interest, if any, on an amount held on deposit by an insurer is included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit. ( prestation de décès )
Income Tax Regulations — Income Tax Regulations
coverage , under a life insurance policy, means each life insurance (other than a fund value benefit) under the policy in respect of a specific life, or two or more specific lives jointly insured, and in respect of which a particular schedule of premium or cost of insurance rates applies. For greater certainty, each such insurance is a separate coverage. ( protection )
Income Tax Regulations — Income Tax Regulations
fund value benefit , under a life insurance policy at any time, means a benefit under the policy the amount of which is the amount by which the fund value of the policy at that time exceeds the total of all amounts each of which is a fund value of a coverage under the policy at that time. ( bénéfice au titre de la valeur du fonds )
Income Tax Regulations — Income Tax Regulations
fund value of a coverage , under a life insurance policy at any time, means the total of all amounts each of which is the amount at that time of an investment account in respect of the policy that reduces the net amount at risk as determined for the purpose of calculating the cost of insurance charges for the coverage during the period over which those charges are incurred or would be incurred if they were to apply until the termination of the coverage. ( valeur du fonds d’une protection )
Income Tax Regulations — (a)
fund value of a policy , at any time, means the total of all amounts each of which is the amount at that time of an investment account in respect of the policy and, for greater certainty, (a) includes, where interest, if any, on an amount held on deposit by an insurer is not included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit; and (b) excludes, where interest, if any, on an amount held on deposit by an insurer is included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit. ( valeur du fonds d’une police )
Income Tax Regulations — (a)
future benefits to be provided , in respect of a coverage under a life insurance policy at any time, means (a) if there is a fund value of the coverage at that time, each benefit on death that would be payable under the coverage at a particular time after that time determined as if the amount of the benefit were equal to the amount by which the benefit on death at that time exceeds the fund value of the coverage at that time; and (b) in any other case, each benefit on death payable under the coverage at a particular time after that time. ( prestations futures à verser )
Income Tax Regulations — (a)
future net premiums or cost of insurance charges , in respect of a coverage at any time, means (a) for the purposes of paragraph (a) of the description of C in the definition net premium reserve in this subsection, each amount determined by the formula A × B/C where A is future premiums or cost of insurance charges in respect of the coverage at that time, B is the present value at the date of issue of the coverage of future benefits to be provided in respect of the coverage on that date, and C is the present value at the date of issue of the coverage of future premiums or cost of insurance charges in respect of the coverage on that date; and (b) for the purposes of paragraph (b) of the description of C in the definition net premium reserve in this subsection, (i) each amount determined by the formula A × (B + C)/(D + E) where A is future premiums or cost of insurance charges in respect of the coverage at that time, B is the present value at the date of issue of the coverage of future benefits to be provided in respect of the coverage on the particular day that is one year after that date and, if the coverage has a fund value on that date, determined as if the fund value of the coverage were nil on that date, C is the present value at the date of issue of the coverage of future benefits to be provided in respect of the coverage on the particular day that is two years after that date and, if the coverage has a fund value on that date, determined as if the fund value of the coverage were nil on that date, D is the present value at the date of issue of the coverage of future premiums or cost of insurance charges in respect of the coverage on the particular day that is one year after that date and, if the coverage has a fund value on that date, determined as if the fund value of the coverage were nil on that date, and E is the present value at the date of issue of the coverage of future premiums or cost of insurance charges in respect of the coverage on the particular day that is two years after that date and, if the coverage has a fund value on that date, determined as if the fund value of the coverage were nil on that date, and (ii) notwithstanding subparagraph (i), in respect of the second year of the coverage, the amount determined by the formula (A + B)/2 where A is the amount determined under subparagraph (i), and B is the amount of a one-year term insurance premium or cost of insurance charge that would be payable in respect of the coverage if the benefit on death were equal to the amount by which the benefit on death at the end of the first year of the coverage exceeds the fund value of the coverage, if any, at the end of the first year of the coverage. ( frais d’assurance ou primes nets futurs )
Income Tax Regulations — (a)
future premiums or cost of insurance charges , in respect of a coverage at any time, means (a) if there is a fund value of the coverage at that time, each cost of insurance charge in respect of the coverage that would be incurred at a particular time after that time determined as if the net amount at risk under the coverage after that time were equal to the amount by which the benefit on death under the coverage at that time exceeds the fund value of the coverage at that time; and (b) in any other case, each premium in respect of the coverage that is fixed and determined on the date of issue of the coverage that will become payable, or each cost of insurance charge in respect of the coverage that will be incurred, as the case may be, at a particular time after that time. ( frais d’assurance ou primes futurs )
Income Tax Regulations — (a)
interpolation time , of a coverage, means the time that is the earlier of (a) the time that is eight years after the date of issue of the coverage; and (b) the first time at which no premiums are payable or cost of insurance charges are incurred, as the case may be, in respect of the coverage. ( moment d’interpolation )
Income Tax Regulations — (a)
net premium reserve , in respect of a life insurance policy at any time, means the amount determined by the formula A + B + C where A is the total of all amounts, if any, each of which is the present value at that time of the fund value of a coverage under the policy at that time; B is the amount, if any, of the fund value benefit under the policy at that time; and C is (a) in applying paragraph (1)(c) for the purposes of section 307, the total of all amounts each of which is, in respect of a coverage under the policy, (i) if that time is at or after the interpolation time of the coverage, the amount determined by the formula D – E where D is the present value at that time of future benefits to be provided in respect of the coverage at that time, and E is the present value at that time of future net premiums or cost of insurance charges in respect of the coverage at that time, and (ii) if that time is before the interpolation time of the coverage, the amount determined by the formula F/G × (H – I) where F is the number of years that the coverage has been in effect as of that time, G is the number of years that the coverage would have been in effect if that time were the interpolation time, H is the present value at the interpolation time of future benefits to be provided in respect of the coverage at the interpolation time and, if the coverage has a fund value at that time, determined as if the amount of the benefit on death under the coverage at the interpolation time were equal to the amount by which the benefit on death at that time exceeds the fund value of the coverage at that time, and I is the present value at the interpolation time of future net premiums or cost of insurance charges in respect of the coverage at the interpolation time and, if the coverage has a fund value at that time, determined as if the net amount at risk under the coverage after the interpolation time were equal to the amount by which the benefit on death at that time exceeds the fund value of the coverage at that time, and (b) in applying paragraph (1)(c) for the purposes of subsection 211.1(3) of the Act, the total of all amounts each of which is, in respect of a coverage under the policy, the amount determined by the formula J – K where J is the present value at that time of future benefits to be provided in respect of the coverage at that time, and K is the present value at that time of future net premiums or cost of insurance charges in respect of the coverage at that time. ( provision pour primes nettes )
Income Tax Regulations — Income Tax Regulations
policy anniversary has the same meaning as in section 310. ( anniversaire de la police )
Income Tax Regulations — 1402
1402 Any amount determined under (a) section 1401 shall be determined net of relevant reinsurance recoverable amounts; and (b) section 1400 or 1401 shall be determined without reference to any amount in respect of a deposit accounting insurance policy. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-425, s. 1; SOR/97-505, s. 1; SOR/99-269, s. 5; 2010, c. 25, s. 78 2022, c. 19, s. 79
Income Tax Regulations — 1402.1
1402.1 For greater certainty, any amount referred to or determined under section 1400 may be equal to, or less than, nil. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/99-269, s. 5
Income Tax Regulations — 1403
ot reasonable in the circumstances. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-425, s. 1; SOR/80-419, s. 2; SOR/80-618, s. 4(E); SOR/90-661, s. 4; SOR/94-415, s. 6; SOR/94-686, ss. 14(F), 56(F); 2013, c. 34, s. 386; 2014, c. 39, s. 87
Income Tax Regulations — 1406
1406 Any amount determined under section 1404 shall be determined (a) [Repealed, 2022, c. 19, s. 82] (b) by excluding any obligation to pay a benefit under a segregated fund policy if (i) the amount of the benefit varies with the fair market value of the segregated fund at the time the benefit becomes, or may become, payable, and (ii) the benefit is not in respect of a guarantee given by the insurer under a segregated fund policy; and (c) without reference to any amount in respect of a deposit accounting insurance policy. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-425, s. 1; SOR/99-269, s. 6; 2010, c. 25, s. 79; 2013, c. 34, s. 387 2022, c. 19, s. 82
Income Tax Regulations — 1407
1407 For greater certainty, any amount referred to in or determined under section 1404 may be equal to, or less than, nil. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/99-269, s. 6 2022, c. 19, s. 83