Income Tax Act — I-3.3 138
 For the purposes of subsection 138(4.4), the construction, renovation or alteration of a building is completed at the earlier of the day on which the construction, renovation or alteration is actually completed and the day on which all or substantially all of the building is used for the purpose for which it was constructed, renovated or altered. Deductions not allowed (5) Notwithstanding any other provision of this Act, (a) in the case of an insurer, no deduction may be made under paragraph 20(1)(l) in computing its income for a taxation year from an insurance business in Canada in respect of a premium or other consideration for a life insurance policy in Canada or an interest therein; and (b) in the case of a non-resident insurer or a life insurer resident in Canada that carries on any of its insurance business in a country other than Canada, no deduction may be made under paragraph 20(1)(c) or 20(1)(d) in computing its income for a taxation year from carrying on an insurance business in Canada, except in respect of (i) interest on borrowed money used to acquire designated insurance property for the year, or to acquire property for which designated insurance property for the year was substituted property, for the period in the year during which the designated insurance property was held by the insurer in respect of the business, (ii) interest on amounts payable for designated insurance property for the year in respect of the business, or (iii) interest on deposits received or other amounts held by the insurer that arose in connection with life insurance policies in Canada or with policies insuring Canadian risks. (iv) [Repealed, 2001, c. 17, s. 133(2)] No deduction (5.1) No deduction shall be made under subsection 20(12) in computing the income of a life insurer resident in Canada in respect of foreign taxes attributable to its insurance business. (5.2) [Repealed, 1995, c. 21, s. 57(5)] Deduction for dividends from taxable corporations (6) In computing the taxable income of a life insurer for a taxation year, no deduction from the income of the insurer for the year may be made under section 112 but, except as otherwise provided by that section, there may be deducted from that income the total of taxable dividends (other than dividends on term preferred shares that are acquired in the ordinary course of the business carried on by the life insurer) included in computing the insurer’s income for the year and received by the insurer in the year from taxable Canadian corporations. (7) [Repealed, 1997, c. 25, s. 39(8)] No deduction for foreign tax (8) No deduction shall be made under section 126 from the tax payable under this Part for a taxation year by a life insurer resident in Canada in respect of such part of an income or profits tax as can reasonably be attributable to income from its insurance business. Computation of income (9) Where in a taxation year an insurer (other than an insurer resident in Canada that does not carry on a life insurance business) carries on an insurance business in Canada and in a country other than Canada, there shall be included in computing its income for the year from carrying on its insurance businesses in Canada the total of (a) its gross investment revenue for the year from its designated insurance property for the year, and (b) the amount prescribed in respect of the insurer for the year. Application of financial institution rules (10) Notwithstanding sections 142.3, 142.4, 142.5 and 142.51, where in a taxation year an insurer (other than an insurer resident in Canada that does not carry on a life insurance business) carries on an insurance business in Canada and in a country other than Canada, in computing its income for the year from carrying on an insurance business in Canada, (a) sections 142.3, 142.5 and 142.51 apply only in respect of property that is designated insurance property for the year in respect of the business; and (b) section 142.4 applies only in respect of the disposition