Income Tax Act — I-3.3 148
in paragraph 138.1(1)(e), and C is the total of amounts each of which is (i) an amount by which the amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, (ii) a premium under the policy that is due but unpaid at that time, or (iii) an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy, (b) in respect of a policy loan made after March 31, 1978 means the lesser of (i) the amount of the loan, other than the part thereof applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, and (ii) the amount, if any, by which the cash surrender value of the policy immediately before the loan was made exceeds the total of the balances outstanding at that time of any policy loans in respect of the policy, (c) in respect of a payment described in paragraph (e) of the definition disposition in this subsection, means the amount of that payment, and (d) in respect of a disposition deemed to have occurred under paragraph 148(2)(b), means the accumulating fund in respect of the interest, as determined in prescribed manner, (i) immediately before the time of death in respect of a life insurance policy (other than an annuity contract) last acquired after December 1, 1982, or (ii) immediately after the time of death in respect of an annuity contract; ( produit de disposition ) relevant authority [Repealed, 1997, c. 25, s. 46(1) tax anniversary date , in relation to a life insurance policy, means the second anniversary date of the policy to occur after October 22, 1968; ( jour anniversaire d’imposition ) value at a particular time of an interest in a life insurance policy means (a) where the interest includes an interest in the cash surrender value of the policy, the amount in respect thereof that the holder of the interest would be entitled to receive if the policy were surrendered at that time, and (b) in any other case, nil. ( valeur ) Application of s. 12.2(11) (9.1) The definitions in subsection 12.2(11) apply to this section. Life annuity contracts (10) For the purposes of this section, (a) a reference to “insurer” or “life insurer” shall be deemed to include a reference to a person who is licensed or otherwise authorized under a law of Canada or a province to issue contracts that are annuity contracts; (b) a reference to a “person whose life was insured” shall be deemed to include a reference to an annuitant under a life annuity contract, as defined by regulation, entered into before November 17, 1978; (c) where a policyholder is a person who has held an interest in a life insurance policy continuously since its issue date, the interest shall be deemed to have been acquired on the later of the date on which (i) the policy came into force, and (ii) the application in respect of the policy signed by the policyholder was filed with the insurer; (d) except as otherwise provided, a policyholder shall be deemed not to have disposed of or acquired an interest in a life insurance policy (other than an annuity contract) as a result only of the exercise of any provision (other than a conversion into an annuity contract) of the policy; and (e) where an interest in a life insurance policy (other than an annuity contract) last acquired before December 2, 1982 to which subsection 12.2(9) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952