GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3
maximum cumulative reserve of a credit union at the end of any particular taxation year means an amount determined by the formula 0.05 × (A + B) where A is the total of all amounts each of which is the amount of any debt owing by the credit union to a member thereof or of any other obligation of the credit union to pay an amount to a member thereof, that was outstanding at the end of the year, including, for greater certainty, the amount of any deposit standing to the credit of a member of the credit union in the records of the credit union, but excluding, for greater certainty, any share in the credit union of any member thereof, and B is the total of all amounts each of which is the amount, as of the end of the year, of any share in the credit union of any member thereof; ( provision cumulative maximale )
Income Tax Act — I-3.3 (a)
member , of a credit union, means (a) a person who is recorded as a member on the records of the credit union and is entitled to participate in and use the services of the credit union, and (b) a registered retirement savings plan, a registered retirement income fund, a TFSA, a FHSA or a registered education savings plan, the annuitant, holder or subscriber under which is a person described in paragraph (a). ( membre )
Income Tax Act — I-3.3 (a)
deposit insurance corporation means (a) a corporation that was incorporated by or under a law of Canada or a province respecting the establishment of a stabilization fund or board if (i) it was incorporated primarily (A) to provide or administer a stabilization, liquidity or mutual aid fund for credit unions, and (B) to assist in the payment of any losses suffered by members of credit unions in liquidation, and (ii) throughout any taxation year in respect of which the expression is being applied, (A) it was a Canadian corporation, and (B) the cost amount to the corporation of its investment property was at least 50% of the cost amount to it of all its property (other than a debt obligation of, or a share of the capital stock of, a member institution issued by the member institution at a time when it was in financial difficulty, or (b) a corporation incorporated by the Canada Deposit Insurance Corporation Act ; ( compagnie d’assurance-dépôts )
Income Tax Act — I-3.3 (a)
investment property means (a) bonds, debentures, mortgages, hypothecary claims, notes or other similar obligations (i) of or guaranteed by the Government of Canada, (ii) of the government of a province or an agent thereof, (iii) of a municipality in Canada or a municipal or public body performing a function of government in Canada, (iv) of a corporation, commission or association not less than 90% of the shares or capital of which is owned by Her Majesty in right of a province or by a Canadian municipality, or of a subsidiary wholly-owned corporation that is subsidiary to such a corporation, commission or association, or (v) of an educational institution or a hospital if repayment of the principal amount thereof and payment of the interest thereon is to be made, or is guaranteed, assured or otherwise specifically provided for or secured by the government of a province, (b) any deposits, deposit certificates or guaranteed investment certificates with (i) a bank, (ii) a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee, or (iii) a credit union or central that is a member of the Canadian Payments Association or a credit union that is a shareholder or member of a central that is a member of the Canadian Payments Association, (c) any money of the corporation, and (d) in relation to a particular deposit insurance corporation, debt obligations of, and shares of the capital stock of, a subsidiary wholly-owned corporation of the particular corporation where the subsidiary is deemed by subsection 137.1(5.1) to be a deposit insurance corporation; ( bien de placement )
Income Tax Act — I-3.3 (a)
member institution , in relation to a particular deposit insurance corporation, means (a) a corporation whose liabilities in respect of deposits are insured by, or (b) a credit union that is qualified for assistance from that deposit insurance corporation. ( institution membre )
Income Tax Act — I-3.3 137.2
Computation of income for 1975 and subsequent years 137.2 For the purpose of computing the income of a deposit insurance corporation for the 1975 and subsequent taxation years, (a) property of the corporation that is a bond, debenture, mortgage, hypothecary claim, note or other similar obligation owned by it at the commencement of the corporation’s 1975 taxation year shall be valued at its cost to the corporation less the total of all amounts that, before that time, the corporation was entitled to receive as, on account or in lieu of payment of, or in satisfaction of, the principal amount of the bond, debenture, mortgage, hypothecary claim, note or other similar obligation, (i) plus a reasonable amount in respect of the amortization of the amount by which the principal amount of the property at the time it was acquired by the corporation exceeded its actual cost to the corporation, or (ii) minus a reasonable amount in respect of the amortization of the amount by which its actual cost to the corporation exceeded the principal amount of the property at the time it was acquired by the corporation; (b) property of the corporation that is a debt owing to the corporation (other than property described in paragraph 137.2(a) or a debt that became a bad debt before its 1975 taxation year) acquired by it before the commencement of its 1975 taxation year shall be valued at any time at the amount thereof outstanding at that time; (c) property of the corporation (other than property in respect of which any amount for the year has been included under paragraph (a)) that was acquired, by foreclosure or otherwise, after default made under a mortgage or hypothec shall be valued at its cost amount to the corporation; and (d) any other property shall be valued at its cost amount to the corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 137.2; 2001, c. 17, s. 217
Income Tax Act — I-3.3 138
usiness on each day that includes that time or is a subsequent day and on which the transferee carries on an insurance business — be required to be deducted or included, in respect of any of those days, under subsection (18) or (19) in computing the transferor’s income that can reasonably be attributed to the transferred business; and (b) in determining, in respect of the day that includes that time or any subsequent day, any amount that is required under subsection (18) or (19) to be deducted or included in computing the transferor’s income for each particular taxation year from the transferred business, the description of A in the formulas in those subsections is deemed to be nil. Ceasing to carry on business (24) If at any time an insurer ceases to carry on all or substantially all of an insurance business (referred to in this subsection as the “discontinued business”), and none of subsections (20) to (22) apply, (a) there shall be deducted, in computing the insurer’s income from the discontinued business for the insurer’s taxation year that includes the time that is immediately before that time, the amount determined by the formula A − B where A is the amount included under subsection (16) in computing the insurer’s income from the discontinued business for its transition year, and B is the total of all amounts each of which is an amount deducted under subsection (18) in computing the insurer’s income from the discontinued business for a taxation year that began before that time; and (b) there shall be included, in computing the insurer’s income from the discontinued business for the insurer’s taxation year that includes the time that is immediately before that time, the amount determined by the formula C − D where C is the amount deducted under subsection (17) in computing the insurer’s income from the discontinued business for its transition year, and D is the total of all amounts each of which is an amount included under subsection (19) in computing the insurer’s income from the discontinued business for a taxation year that began before that time. Ceasing to exist (25) If at any time an insurer that carried on an insurance business ceases to exist (otherwise than as a result of a winding-up or amalgamation described in subsection (20) or (21)), for the purposes of subsection (24), the insurer is deemed to have ceased to carry on the insurance business at the earlier of (a) the time (determined without reference to this subsection) at which the insurer ceased to carry on the insurance business, and (b) the time that is immediately before the end of the last taxation year of the insurer that ended at or before the time at which the insurer ceased to exist. (26) [Repealed, 2022, c. 19, s. 26] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 138; 1994, c. 7, Sch. II, s. 114, c. 21, s. 66; 1995, c. 21, ss. 39, 57; 1997, c. 25, s. 39; 2001, c. 17, ss. 133, 218; 2009, c. 2, s. 45; 2010, c. 25, s. 33; 2011, c. 24, s. 44; 2013, c. 34, ss. 135, 286; 2017, c. 33, s. 53 2022, c. 19, s. 26
Income Tax Act — I-3.3
accumulated 1968 deficit [Repealed, 1997, c. 25, s. 39(16)]
Income Tax Act — I-3.3
amount payable , in respect of a policy loan at a particular time, means the amount of the policy loan and the interest thereon that is outstanding at that time; ( montant payable )
Income Tax Act — I-3.3
base year of an insurer means the insurer’s taxation year that immediately precedes its transition year; ( année de base )
Income Tax Act — I-3.3
Canada security [Repealed, 1995, c. 21, s. 57(15)]
Income Tax Act — I-3.3 (a)
contractual service margin for a group of insurance contracts of an insurer, or a group of reinsurance contracts held by the insurer, at the end of a taxation year, means the greater of the positive or negative amount of the contractual service margin for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection, and (b) that would be determined at the end of the taxation year in respect of the group in accordance with International Financial Reporting Standards using reasonable assumptions in the circumstances if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection; ( marge sur services contractuels )
Income Tax Act — I-3.3
deposit accounting insurance policy in respect of an insurer’s taxation year means an insurance policy of the insurer that, according to International Financial Reporting Standards, is not an insurance contract for that taxation year; ( police d’assurance à comptabilité de dépôt )
Income Tax Act — I-3.3
designated foreign insurance business , of a life insurer resident in Canada in a taxation year, means an insurance business that is carried on by the life insurer in a country other than Canada in the year unless more than 90% of the gross premium revenue from the business for the year from the insurance of risks (net of reinsurance ceded) is in respect of the insurance of risks (other than specified Canadian risks) of persons with whom the life insurer deals at arm’s length; ( entreprise d’assurance étrangère désignée )
Income Tax Act — I-3.3
designated insurance property for a taxation year of an insurer (other than an insurer resident in Canada that at no time in the year carried on a life insurance business) that, at any time in the year, carried on an insurance business in Canada and in a country other than Canada, means property determined in accordance with prescribed rules except that, in its application to any taxation year, designated insurance property for the 1998 or a preceding taxation year means property that was, under this subsection as it read in its application to taxation years that ended in 1996, property used by it in the year in, or held by it in the year in the course of, carrying on an insurance business in Canada; ( bien d’assurance désigné )
Income Tax Act — I-3.3
excluded policy in respect of an insurer’s base year means an insurance policy of the insurer that would be a deposit accounting insurance policy for the insurer’s base year if International Financial Reporting Standards applied for that base year; ( police exclue )
Income Tax Act — I-3.3 (a)
gross investment revenue of an insurer for a taxation year means the amount determined by the formula A + B + C + D + E + F - G where A is the total of the following amounts included in its gross revenue for the year: (a) taxable dividends, and (b) amounts received or receivable as, on account of, in lieu of or in satisfaction of, interest, rentals or royalties, other than amounts in respect of debt obligations to which subsection 142.3(1) applies for the year, B is its income for the year from each trust of which it is a beneficiary, C is its income for the year from each partnership of which it is a member, D is the total of all amounts required by subsection 16(1) to be included in computing its income for the year, E is the total of (a) all amounts required by paragraph 142.3(1)(a) to be included in computing its income for the year, and (b) all amounts required by subsection 12(3) or 20(14) to be included in computing its income for the year except to the extent that those amounts are included in the computation of A, F is the amount determined by the formula V - W where V is the total of all amounts included under paragraph 56(1)(d) in computing its income for the year, and W is the total of all amounts deducted under paragraph 60(a) in computing its income for the year; and G is the total of all amounts each of which is (a) an amount deemed by subparagraph 16(6)(a)(ii) to be paid by it in respect of the year as interest, or (b) an amount deductible under paragraph 142.3(1)(b) in computing its income for the year; ( revenus bruts de placements )
Income Tax Act — I-3.3
group of insurance contracts of an insurer means a group of insurance contracts of the insurer, determined according to International Financial Reporting Standards, that is a group for the purposes of determining an amount of the insurer that is reported as at the end of the insurer’s taxation year and, for greater certainty, includes a group of insurance contracts that include reinsurance contracts under which the insurer has assumed reinsurance risk; ( groupe de contrats d’assurance )
Income Tax Act — I-3.3
group of life insurance contracts of an insurer means a group of life insurance contracts of the insurer, determined according to International Financial Reporting Standards, that is a group for the purposes of determining an amount of the insurer that is reported as at the end of the insurer’s taxation year and, for greater certainty, includes a group of life insurance contracts that include reinsurance contracts under which the insurer has assumed reinsurance risk; ( groupe de contrats d’assurance-vie )
Income Tax Act — I-3.3
group of life insurance contracts in Canada of an insurer means a group of life insurance contracts of the insurer that includes only life insurance contracts issued or effected by the insurer on the life of a person resident in Canada at the time the contract was issued or effected; ( groupe de contrats d’assurance-vie au Canada )
Income Tax Act — I-3.3
group of reinsurance contracts held by an insurer means a group of reinsurance insurance contracts held by the insurer, determined according to International Financial Reporting Standards, that is a group for the purposes of determining an amount of the insurer that is reported as at the end of the insurer’s taxation year; ( groupe de contrats de réassurance )
Income Tax Act — I-3.3
group of segregated fund policies of an insurer means a group of insurance contracts of the insurer that includes only segregated fund policies (within the meaning assigned by paragraph 138.1(1)(a)); ( groupe de polices à fonds réservé )
Income Tax Act — I-3.3
insurance , of a risk, includes the reinsurance of the risk; ( assurance )
Income Tax Act — I-3.3
interest , in relation to a policy loan, means the amount in respect of the policy loan that is required to be paid under the terms and conditions of the policy in order to maintain the policyholder’s interest in the policy; ( intérêt )
Income Tax Act — I-3.3 (a)
liability for incurred claims , for a group of insurance contracts of an insurer at the end of a taxation year, means the lesser of the positive or negative amount of the liability for incurred claims for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection, and (b) that would be determined at the end of the taxation year in accordance with International Financial Reporting Standards using reasonable assumptions in the circumstances if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection; ( passif au titre des sinistres survenus )
Income Tax Act — I-3.3 (a)
liability for remaining coverage , for a group of insurance contracts of an insurer at the end of a taxation year, means the lesser of the positive or negative amount of the liability for remaining coverage for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to (i) projected (A) income and capital taxes (other than the tax payable under Part XII.3), (B) taxes on premiums that are not deductible under Part I, (C) amounts not deductible after the taxation year in computing income under Part I, and (D) cash flows in respect of funds withheld arrangements, (ii) amounts payable that are deductible for the taxation year, or a previous taxation year, in computing income under Part I, and (iii) amounts receivable to the extent they have been included for the taxation year, or a previous taxation year, in computing income under Part I, and (b) that would be determined at the end of the taxation year in accordance with International Financial Reporting Standards using reasonable assumptions in the circumstances if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii); ( passif au titre de la couverture restante )
Income Tax Act — I-3.3
life insurance policy includes an annuity contract and a contract all or any part of the insurer’s reserves for which vary in amount depending on the fair market value of a specified group of assets; ( police d’assurance-vie )
Income Tax Act — I-3.3
life insurance policy in Canada means a life insurance policy issued or effected by an insurer on the life of a person resident in Canada at the time the policy was issued or effected; ( police d’assurance-vie au Canada )
Income Tax Act — I-3.3
maximum tax actuarial reserve for a particular class of life insurance policy for a taxation year of a life insurer means, except as otherwise expressly prescribed, the maximum amount allowable under subparagraph 138(3)(a)(i) as a policy reserve for the year in respect of policies of that class; ( provision actuarielle maximale aux fins d’impôt )
Income Tax Act — I-3.3
1975 branch accounting election deficiency [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess additional group term reserve [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess capital cost allowance [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess investment reserve [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess policy dividend deduction [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess policy dividend reserve [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
1975-76 excess policy reserves [Repealed, 2013, c. 34, s. 286]
Income Tax Act — I-3.3
non-segregated property of an insurer means its property other than property included in a segregated fund; ( biens non réservés )
Income Tax Act — I-3.3
participating life insurance policy means a life insurance policy under which the policyholder is entitled to share (other than by way of an experience rating refund) in the profits of the insurer other than profits in respect of property in a segregated fund; ( police d’assurance-vie avec participation )
Income Tax Act — I-3.3
policyholders’ liabilities , of an insurer as at the end of a taxation year, means the amount reported as policyholders’ liabilities as at the end of the year; ( obligation envers les titulaires de polices )
Income Tax Act — I-3.3
policy loan means an amount advanced at a particular time by an insurer to a policyholder in accordance with the terms and conditions of a life insurance policy in Canada; ( avance sur police )
Income Tax Act — I-3.3
property used by it in the year in, or held by it in the year in the course of [Repealed, 1997, c. 25, s. 39(16)]
Income Tax Act — I-3.3
qualified related corporation of a non-resident insurer has the meaning assigned by subsection 219(8); ( société liée admissible )
Income Tax Act — I-3.3 (a)
reinsurance contract held amount , for a group of reinsurance contracts held by an insurer at the end of a taxation year, means the lesser of the positive or negative amount of the reinsurance contract held asset for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection, and (b) that would be determined at the end of the taxation year in accordance with International Financial Reporting Standards using reasonable assumptions in the circumstances if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection; ( montant au titre des contrats de réassurance détenus )
Income Tax Act — I-3.3 (a)
relevant authority of an insurer means (a) the Superintendent of Financial Institutions, if the insurer is required by law to report to the Superintendent of Financial Institutions, and (b) in any other case, the Superintendent of Insurance or other similar officer or authority of the province under whose laws the insurer is incorporated; ( autorité compétente )