GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Regulations — 1408
 registered retirement savings plan, registered pension plan or deferred profit sharing plan, if the interest rate is guaranteed for at least 10 years and the plan does not provide for any participation in profits, directly or indirectly. ( rente admissible ) reinsurance commission [Repealed, 2022, c. 19, s. 84] reinsurance contract held amount for a group of reinsurance contracts held by an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( montant au titre des contrats de réassurance détenus ) reinsurance recoverable amount of an insurer means an amount reported as a reinsurance asset of the insurer as at the end of a taxation year in respect of an amount recoverable from a reinsurer. ( somme à recouvrer au titre de la réassurance ) relevant authority of an insurer has the same meaning as in subsection 138(12) of the Act. ( autorité compétente ) reported reserve of an insurer at the end of a taxation year in respect of a policy that insures an earthquake risk in Canada, or a fidelity risk, a nuclear risk or a risk related to a financial loss of a lender on a loan made on the security of real property, means the amount equal to the positive or negative amount of the reserve reported as at the end of the year. ( provision déclarée ) segregated fund has the meaning assigned by subsection 138.1(1) of the Act. ( fonds réservé ) segregated fund policy has the meaning assigned by subsection 138.1(1) of the Act. ( police à fonds réservé ) title insurance has the same meaning as in the schedule to the Insurance Companies Act . ( assurance de titres ) (2) [Repealed, 2022, c. 19, s. 84] (3) For the purpose of the formula referred to in the definition modified net premium in subsection (1), it may be assumed that premiums are payable annually in advance. (4) [Repealed, 2022, c. 19, s. 84] (5) For the purposes of this Part, any rider that is attached to a life insurance policy and that provides for additional life insurance or for an annuity is a separate life insurance policy. (6) For the purposes of this Part, any rider that is attached to a policy and that provides for additional non-cancellable or guaranteed renewable accident and sickness insurance, as the case may be, is a separate non-cancellable or guaranteed renewable accident and sickness policy. (7) [Repealed, 2022, c. 19, s. 84] (8) [Repealed, 2022, c. 19, s. 84] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/99-269, s. 6; SOR/2002-123, ss. 2, 3; 2009, c. 2, s. 101; 2010, c. 25, s. 80 2022, c. 19, s. 84
Income Tax Regulations — Income Tax Regulations
accident and sickness insurance has the same meaning as in the schedule to the Insurance Companies Act . ( assurance accidents et maladie )
Income Tax Regulations — Income Tax Regulations
acquisition costs [Repealed, SOR/2002-123, s. 2]
Income Tax Regulations — Income Tax Regulations
amount payable , in respect of a policy loan at a particular time, means the amount of the policy loan and the interest that is outstanding on the policy loan at that time. ( montant payable )
Income Tax Regulations — (a)
benefit , in respect of a policy, includes (a) a policy dividend (other than a policy dividend in respect of a policy described in paragraph 1403(1)(c)) in respect of the policy to the extent that the dividend was specifically treated as a benefit by the insurer in determining a premium for the policy, and (b) an expense of maintaining the policy after all premiums in respect of the policy have been paid to the extent that the expense was specifically provided for by the insurer in determining a premium for the policy, but does not include (c) a policy loan, (d) interest on funds left on deposit with the insurer under the terms of the policy, and (e) any other amount under the policy that was not specifically provided for by the insurer in determining a premium for the policy. ( bénéfice )
Income Tax Regulations — Income Tax Regulations
capital tax means a tax imposed under Part I.3 or VI of the Act or a similar tax imposed under an Act of the legislature of a province. ( impôt sur le capital )
Income Tax Regulations — Income Tax Regulations
cash surrender value has the meaning assigned by subsection 148(9) of the Act. ( valeur de rachat )
Income Tax Regulations — Income Tax Regulations
claim liability [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
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, has the same meaning as in subsection 138(12) of the Act. ( marge sur services contractuels )
Income Tax Regulations — Income Tax Regulations
deposit accounting insurance policy has the meaning assigned by subsection 138(12) of the Act. ( police d’assurance à comptabilité de dépôt )
Income Tax Regulations — Income Tax Regulations
extended motor vehicle warranty [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
general amending provision [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
group of insurance contracts of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance )
Income Tax Regulations — Income Tax Regulations
group of life insurance contracts of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance-vie )
Income Tax Regulations — Income Tax Regulations
group of life insurance contracts in Canada of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance-vie au Canada )
Income Tax Regulations — Income Tax Regulations
group of reinsurance contracts held by an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats de réassurance )
Income Tax Regulations — Income Tax Regulations
group of segregated fund policies of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de polices à fonds réservé )
Income Tax Regulations — Income Tax Regulations
interest , in relation to a policy loan, has the meaning assigned by subsection 138(12) of the Act. ( intérêt )
Income Tax Regulations — Income Tax Regulations
lapse-supported policy means a life insurance policy that would require materially higher premiums if premiums were determined using policy lapse rates that are zero after the fifth policy year. ( police fondée sur les déchéances )
Income Tax Regulations — Income Tax Regulations
liability for incurred claims for a group of insurance contracts of an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( passif au titre des sinistres survenus )
Income Tax Regulations — Income Tax Regulations
liability for remaining coverage for a group of insurance contracts of an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( passif au titre de la couverture restante )
Income Tax Regulations — Income Tax Regulations
life insurance policy has the same meaning as defined in subsection 138(12) of the Act. ( police d’assurance-vie )
Income Tax Regulations — Income Tax Regulations
life insurance policy in Canada has the same meaning as defined in subsection 138(12) of the Act. ( police d’assurance-vie au Canada )
Income Tax Regulations — (a)
modified net premium , in respect of a premium under a policy (other than a prepaid premium under a policy that cannot be refunded except on termination of the policy), means (a) where all benefits (other than policy dividends) and premiums (other than the frequency of payment of premiums) in respect of the policy are determined at the date of issue of the policy, the amount determined by the formula A × [(B + C) / (D + E)] where A is the amount of the premium, B is the present value, at the date of the issue of the policy, of the benefits to be provided under the terms of the policy after the day that is one year after the date of the issue of the policy, C is the present value, at the date of the issue of the policy, of the benefits to be provided under the terms of the policy after the day that is two years after the date of the issue of the policy, D is the present value, at the date of the issue of the policy, of the premiums payable under the terms of the policy on or after the day that is one year after the date of the issue of the policy, and E is the present value, at the date of the issue of the policy, of the premiums payable under the terms of the policy on or after the day that is two years after the date of the issue of the policy, except that the amount determined by the formula in respect of the premium for the second year of a policy is deemed to be the amount that is 50% of the total of (i) the amount that would otherwise be determined under the formula, and (ii) the amount of a one-year term insurance premium (determined without regard to the frequency of payment of the premium) that would be payable under the policy; and (b) in any other case, the amount that would be determined under paragraph (a) if that paragraph applied and the amount were adjusted in a manner that is reasonable in the circumstances. ( prime nette modifiée )
Income Tax Regulations — Income Tax Regulations
mortgage insurance has the same meaning as in the schedule to the Insurance Companies Act . ( assurance hypothécaire )
Income Tax Regulations — Income Tax Regulations
net premium for the policy [Repealed, SOR/2002-123, s. 2]
Income Tax Regulations — Income Tax Regulations
non-cancellable or guaranteed renewable accident and sickness policy , includes a non-cancellable or guaranteed renewable accident and sickness benefit under a group policy. ( police d’assurance contre les accidents et la maladie non résiliable ou à renouvellement garanti )
Income Tax Regulations — Income Tax Regulations
participating life insurance policy has the meaning assigned by subsection 138(12) of the Act. ( police d’assurance-vie avec participation )
Income Tax Regulations — Income Tax Regulations
policy liability [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
policy loan has the meaning assigned by subsection 138(12) of the Act. ( avance sur police )
Income Tax Regulations — Income Tax Regulations
post-1995 life insurance policy [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
post-1995 non-cancellable or guaranteed renewable accident and sickness policy [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
pre-1996 life insurance policy [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
pre-1996 non-cancellable or guaranteed renewable accident and sickness policy [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — (a)
qualified annuity means an annuity contract issued before 1982, other than a deposit administration fund policy or a policy referred to in paragraph 1403(7)(c), (a) in respect of which regular periodic annuity payments have commenced; (b) in respect of which a contract or certificate has been issued that provides for regular periodic annuity payments to commence within one year after the date of issue of the contract or certificate; (c) that is not issued as or under a registered retirement savings plan, registered pension plan or deferred profit sharing plan and that (i) does not provide for a guaranteed cash surrender value at any time, and (ii) provides for regular periodic annuity payments to commence not later than the attainment of age 71 by the annuitant; or (d) that is issued as or under a registered retirement savings plan, registered pension plan or deferred profit sharing plan, if the interest rate is guaranteed for at least 10 years and the plan does not provide for any participation in profits, directly or indirectly. ( rente admissible )
Income Tax Regulations — Income Tax Regulations
reinsurance commission [Repealed, 2022, c. 19, s. 84]
Income Tax Regulations — Income Tax Regulations
reinsurance contract held amount for a group of reinsurance contracts held by an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( montant au titre des contrats de réassurance détenus )
Income Tax Regulations — Income Tax Regulations
reinsurance recoverable amount of an insurer means an amount reported as a reinsurance asset of the insurer as at the end of a taxation year in respect of an amount recoverable from a reinsurer. ( somme à recouvrer au titre de la réassurance )
Income Tax Regulations — Income Tax Regulations
relevant authority of an insurer has the same meaning as in subsection 138(12) of the Act. ( autorité compétente )
Income Tax Regulations — Income Tax Regulations
reported reserve of an insurer at the end of a taxation year in respect of a policy that insures an earthquake risk in Canada, or a fidelity risk, a nuclear risk or a risk related to a financial loss of a lender on a loan made on the security of real property, means the amount equal to the positive or negative amount of the reserve reported as at the end of the year. ( provision déclarée )
Income Tax Regulations — Income Tax Regulations
segregated fund has the meaning assigned by subsection 138.1(1) of the Act. ( fonds réservé )
Income Tax Regulations — Income Tax Regulations
segregated fund policy has the meaning assigned by subsection 138.1(1) of the Act. ( police à fonds réservé )
Income Tax Regulations — Income Tax Regulations
title insurance has the same meaning as in the schedule to the Insurance Companies Act . ( assurance de titres )
Income Tax Regulations — 1500
1500 (1) An election under subsection 144(4.1) of the Act by the trustee of a trust governed by an employees profit sharing plan shall be made by filing with the Minister the prescribed form in duplicate. (2) An election under subsection 144(4.2) of the Act by the trustee of a trust governed by an employees profit sharing plan shall be made by filing with the Minister the prescribed form in duplicate on or before the last day of a taxation year of the trust in respect of any capital property deemed to have been disposed of in that taxation year by virtue of the election. (3) An election under subsection 144(10) of the Act shall be made by sending the following documents by registered mail to the Commissioner of Revenue at Ottawa: (a) a letter from the employer stating that he elects to have the arrangement qualify as an employees profit sharing plan; (b) if the employer is a corporation, (i) 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 (ii) 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; and (c) a copy of the agreement and any supplementary agreement setting out the plan. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, ss. 69(F), 79(F); SOR/2007-116, s. 4
Income Tax Regulations — 1501
1501 For the purpose of the definition deferred profit sharing plan in subsection 147(1) of the Act, an application for registration of a plan shall be made by sending the following documents by registered mail to the Commissioner of Revenue at Ottawa: (a) a letter from the trustee and the employer whereby the trustee and the employer apply for the registration of the plan as a deferred profit sharing plan; (b) if the employer is a corporation, a certified copy of a resolution of the directors authorizing the application to be made; and (c) a copy of the agreement and any supplementary agreement setting out the plan. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 4; SOR/94-686, s. 79(F); SOR/2007-116, s. 5
Income Tax Regulations — 1502
1502 [Repealed, SOR/81-725, s. 1] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/81-725, s. 1
Income Tax Regulations — 1503
1503 Any election by a beneficiary under subsection 147(10.1) of the Act shall be made by filing the prescribed form in duplicate as follows: (a) one form shall be filed by the beneficiary with the trustee of the deferred profit sharing plan not later than 60 days after the end of the taxation year in which the beneficiary received the payment referred to in subsection 147(10.1) of the Act; and (b) the other form shall be filed by the beneficiary with the Minister on or before the day on which the beneficiary is required to file a return of income pursuant to section 150 of the Act for the taxation year in which the beneficiary received the payment referred to in subsection 147(10.1) of the Act.
Income Tax Regulations — 1600
1600 For the purposes of subsection 10(4) of the Income Tax Application Rules , the following countries are hereby prescribed: (a) Commonwealth of Australia; (b) Kingdom of Denmark; (c) Republic of Finland; (d) French Republic; (e) Federal Republic of Germany; (f) Ireland; (g) Jamaica; (h) Japan; (i) Kingdom of the Netherlands; (j) New Zealand; (k) Kingdom of Norway; (l) Republic of South Africa; (m) Kingdom of Sweden; (n) Trinidad and Tobago; (o) United Kingdom of Great Britain and Northern Ireland; and (p) United States of America. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, s. 48
Income Tax Regulations — 1700
1700 (1) For the purposes of paragraph 20(1)(a) of the Act, there is hereby allowed to a taxpayer, in computing his income from farming or fishing, as the case may be, a deduction for each taxation year in respect of each property that was used for the purpose of gaining or producing income from farming or fishing equal to such amount as he may claim, not exceeding in the case of (a) a building or other structure, not described elsewhere in this subsection, including component parts such as electric wiring, plumbing, sprinkler systems, air-conditioning equipment, heating equipment, lighting fixtures, elevators and escalators, 2 1/2 per cent, (b) a building or other structure of (i) frame, (ii) log, (iii) stucco on frame, (iv) galvanized iron, or (v) corrugated iron, construction including component parts such as electric wiring, plumbing, sprinkler systems, air-conditioning equipment, heating equipment, lighting fixtures, elevators and escalators, 5 per cent, (c) a fence, 5 per cent, (d) a scow or a vessel, including furniture, fittings or equipment attached thereto, but not including radiocommunication equipment, 7 1/2 per cent, (e) nonautomotive equipment and machinery, 10 per cent, (f) automotive equipment, a sleigh or a wagon, 15 per cent, (g) radiocommunication equipment, 15 per cent, (h) tile drainage acquired before the 1965 taxation year, 10 per cent, (i) a water storage tank, 5 per cent, (j) a gas well that is part of the equipment of a farm and from which the gas produced is not sold, 10 per cent, and (k) a tool costing less than $100, 100 per cent, of the depreciable cost to the taxpayer of the property. Taxation Years Less Than 12 Months (2) Where a taxation year is less than 12 months, the amount allowed as a deduction under subsection (1) shall not exceed that proportion of the maximum amount otherwise allowable that the number of days in the taxation year is of 365. Property Disposed of During Year (3) Where a taxpayer has disposed of a property before the end of a taxation year, the amount allowed as a deduction under subsection (1) in respect of that property for the year shall not exceed that proportion of the maximum amount otherwise allowable that the number of months in the taxation year during which the property was owned by the taxpayer is of 12. Leasehold Interest (4) Where a taxpayer has property that was used for the purpose of gaining or producing income from farming or fishing and that would be included in Class 13 in Schedule II if he had claimed an allowance under Part XI, he may deduct, in computing his income from farming or fishing for a taxation year, an amount not exceeding the amount he could have deducted in respect of that property for the year under paragraph 1100(1)(b). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/78-377, s. 10
Income Tax Regulations — 1701
1701 (1) The amount allowed as a deduction under section 1700 in respect of a property shall not exceed the amount by which the capital cost of the property to the taxpayer exceeds the aggregate of the deductions from income allowed under this Part in respect of the property for previous taxation years. (2) In respect of the 1972 and subsequent taxation years, where subsection 20(5) of the Income Tax Application Rules , applies to a particular property, notwithstanding subsection (1), the amount allowed as a deduction under section 1700 in respect of the property shall not exceed the amount by which (a) the amount determined to be the undepreciated capital cost of the property, under paragraph 20(5)(b) of the Income Tax Application Rules , exceeds (b) the aggregate of the deductions from income allowed under this Part in respect of the property for previous taxation years ending after 1971. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, s. 48
Income Tax Regulations — 1702
1702 (1) Nothing in this Part shall be construed as allowing a deduction in respect of a property (a) the cost of which is deductible in computing the taxpayer’s income; (b) that is described in the taxpayer’s inventory; (c) that was acquired by an expenditure in respect of which the taxpayer is allowed a deduction from income under section 37 of the Act; (d) that has been constituted a prescribed class by subsection 24(2) of chapter 91, S.C. 1966-67; (e) that is included in a separate prescribed class established under subsection 13(14) of the Act; (f) that was not used in the business during the year; (g) that is (i) an animal, or (ii) a tree, shrub, herb or similar growing thing; (h) that was not acquired by the taxpayer for the purpose of gaining or producing income from farming or fishing; (i) that has been included at any time by the taxpayer in a class prescribed under Part XI; (j) that is a passenger automobile acquired after June 13, 1963, and before January 1, 1966, the cost to the taxpayer of which, minus the initial transportation charges and retail sales tax in respect thereof, exceeded $5,000, unless the automobile was acquired by a person before June 14, 1963 and has, by one or more transactions between persons not dealing at arm’s length, become vested in the taxpayer; or (k) that was acquired by the taxpayer after 1971. (2) Where a taxpayer is a member of a partnership, the properties referred to in this Part shall be deemed not to include any property that is an interest of the taxpayer in depreciable property that is partnership property of the partnership. (3) The properties referred to in section 1700 shall be deemed not to include the land upon which a property described therein was constructed or is situated. (4) Where the taxpayer is a non-resident person, the properties referred to in section 1700 shall be deemed not to include property that is situated outside Canada. (5) The provisions of subsections 1102(11), (12) and (13) are applicable mutatis mutandis to paragraph (1)(j). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/94-686, ss. 15(F), 50(F), 58(F), 70(F), 78(F); SOR/2010-93, s. 15(F)