GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
reserve transition amount of an insurer, in respect of an insurance business carried on by it in its transition year, means the positive or negative amount determined by the formula A + B − C − D − E − F + G + H where A is the maximum amount that the insurer would be permitted to claim under subparagraph (3)(a)(i) for its base year in respect of a policy reserve for its groups of life insurance contracts in Canada at the end of the base year if (a) the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and (b) sections 1404 and 1406 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, B is the maximum amount that the insurer would be permitted to claim under paragraph 20(7)(c) for its base year in respect of a policy reserve for its groups of insurance contracts at the end of the base year if (a) the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and (b) sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, C is the maximum amount that the insurer is permitted to claim under subparagraphs (3)(a)(i) and (ii) (as they read in their application to taxation years that begin before 2023) as a policy reserve for its base year, D is the maximum amount that the insurer is permitted to claim under paragraph 20(7)(c) as a policy reserve for its base year, E is the amount that would be included under paragraph (4)(b) in computing the insurer’s income for its base year in respect of its groups of life insurance contracts in Canada at the end of the base year if (a) the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and (b) sections 1404 and 1406 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, F is the amount that would be included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year if (a) the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and (b) sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, G is the amount included under paragraph (4)(b) (as it read in its application to taxation years that begin before 2023) in computing the insurer’s income for its base year in respect of its life insurance policies, and H is the amount included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year; ( montant transitoire )
Income Tax Act — I-3.3
segregated fund has the meaning given that expression in subsection 138.1(1); ( fonds réservé )
Income Tax Act — I-3.3
specified Canadian risk has the same meaning as in paragraph 95(2)(a.23); ( risques canadiens déterminés )
Income Tax Act — I-3.3 (a)
surplus funds derived from operations of an insurer as of the end of a particular taxation year means the amount determined by the formula (A + B + C) – (D + E + F + G) where A is the total of the insurer’s income for each taxation year in the period beginning with its 1969 taxation year and ending with the particular year from all insurance businesses carried on by it, B is the total of all amounts each of which is a portion of a non-capital loss that was deemed by subsection 111(7.1) as it read in its application to the 1976 taxation year to have been deductible in computing the insurer’s income for a taxation year that ended before 1977, C is the total of all profits or gains made by the insurer in the period in respect of non-segregated property of the insurer disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those profits or gains have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, D is the total of its loss, if any, for each taxation year in the period from all insurance businesses carried on by it, E is the total of all losses sustained by the insurer in the period in respect of non-segregated property disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those losses have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, F is the total of (a) all taxes payable under this Part by the insurer, and all income taxes payable by it under the laws of each province, for each taxation year in the period, except such portion thereof as would not have been payable by it if subsection 138(7) had not been enacted, and (b) all taxes payable under Parts I.3 and VI by the insurer for each taxation year in the period, and G is the total of all gifts made in the period by the insurer to a qualified donee; ( fonds excédentaire résultant de l’activité )
Income Tax Act — I-3.3
transition year of an insurer means the insurer’s first taxation year that begins after 2022. ( année transitoire )
Income Tax Act — I-3.3 138.2
 the property in the election in respect of the qualifying transfer. Loss limitation (5) Subsection 138.1(3) does not apply to capital losses of a fund from the disposition of property on a qualifying transfer under subsection (3) or (4) to the extent that the amount of such capital losses exceeds the amount of capital gains of the fund from the disposition of property on the qualifying transfer under subsection (3) or (4), as the case may be. Due date (6) The due date of an election referred to in paragraph (1)(d) is the later of (a) the day that is six months after the day that includes the transfer time, and (b) a day that the Minister may specify. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2017, c. 33, s. 55
Income Tax Act — I-3.3 139
Conversion of insurance corporations into mutual corporations 139 Where an insurance corporation that is a Canadian corporation applies an amount in payment for shares of the corporation purchased or otherwise acquired by it under a mutualization proposal under Division III of Part VI of the Insurance Companies Act or under a law of the province under the laws of which the corporation is incorporated that provides for the conversion of the corporation into a mutual corporation by the purchase of its shares in accordance with that law, (a) section 15 does not apply to require the inclusion, in computing the income of a shareholder of the corporation, of any part of that amount; and (b) no part of that amount shall be deemed, for the purpose of subsection 138(7), to have been paid to shareholders or, for the purpose of section 84, to have been received as a dividend. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 139; 1994, c. 7, Sch. I, s. 734
Income Tax Act — I-3.3
conversion benefit means a benefit received in connection with the demutualization of an insurance corporation because of an interest, before the demutualization, of any person in an insurance policy to which the insurance corporation has been a party. ( avantage de transformation )
Income Tax Act — I-3.3 (a)
deadline for a payment in respect of a demutualization of an insurance corporation means the latest of (a) the end of the day that is 13 months after the time of the demutualization, (b) where the entire amount of the payment depends on the outcome of an initial public offering of shares of the corporation or a holding corporation in respect of the insurance corporation, the end of the day that is 60 days after the day on which the offering is completed, (c) where the payment is made after the initial deadline for the payment and it is reasonable to conclude that the payment was postponed beyond that initial deadline because there was not sufficient information available 60 days before that initial deadline with regard to the location of a person, the end of the day that is six months after such information becomes available, and (d) the end of any other day that is acceptable to the Minister. ( échéance )
Income Tax Act — I-3.3
demutualization means the conversion of an insurance corporation from a mutual company into a corporation that is not a mutual company. ( démutualisation )
Income Tax Act — I-3.3 (a)
holding corporation means a corporation that (a) in connection with the demutualization of an insurance corporation, has issued shares of its capital stock to stakeholders; and (b) owns shares of the capital stock of the insurance corporation acquired in connection with the demutualization that entitle it to 90% or more of the votes that could be cast in respect of shares under all circumstances at an annual meeting of (i) shareholders of the insurance corporation, or (ii) shareholders of the insurance corporation and holders of insurance policies to which the insurance corporation is a party. ( société de portefeuille )
Income Tax Act — I-3.3
initial deadline for a payment is the time that would, if the definition deadline were read without reference to paragraph (c) of that definition, be the deadline for the payment. ( échéance initiale )
Income Tax Act — I-3.3
mutual holding corporation , in respect of an insurance corporation, means a mutual company established to hold shares of the capital stock of the insurance corporation, where the only persons entitled to vote at an annual meeting of the mutual company are policyholders of the insurance corporation. ( société mutuelle de portefeuille )
Income Tax Act — I-3.3 (a)
ownership rights means (a) in a particular mutual holding corporation, the following rights and interests held by a person in respect of the particular corporation because of an interest or former interest of any person in an insurance policy to which an insurance corporation, in respect of which the particular corporation is the mutual holding corporation, has been a party: (i) rights that are similar to rights attached to shares of the capital stock of a corporation, and (ii) all other rights with respect to, and interests in, the particular corporation as a mutual company; and (b) in a mutual insurance corporation, the following rights and interests held by a person in respect of the mutual insurance corporation because of an interest or former interest of any person in an insurance policy to which that corporation has been a party: (i) rights that are similar to rights attached to shares of the capital stock of a corporation, (ii) all other rights with respect to, and interests in, the mutual insurance corporation as a mutual company, and (iii) any contingent or absolute right to receive a benefit in connection with the demutualization of the mutual insurance corporation. ( droits de propriété )
Income Tax Act — I-3.3
share of the capital stock of a corporation includes a right granted by the corporation to acquire a share of its capital stock. ( action )
Income Tax Act — I-3.3 (a)
specified insurance benefit means a taxable conversion benefit that is (a) an enhancement of benefits under an insurance policy; (b) an issuance of an insurance policy; (c) an undertaking by an insurance corporation of an obligation to pay a policy dividend; or (d) a reduction in the amount of premiums that would otherwise be payable under an insurance policy. ( avantage déterminé )
Income Tax Act — I-3.3
stakeholder means a person who is entitled to receive or who has received a conversion benefit but, in respect of the demutualization of an insurance corporation, does not include a holding corporation in connection with the demutualization or a mutual holding corporation in respect of the insurance corporation. ( intéressé )
Income Tax Act — I-3.3 (a)
taxable conversion benefit means a conversion benefit received by a stakeholder in connection with the demutualization of an insurance corporation, other than a conversion benefit that is (a) a share of a class of the capital stock of the corporation; (b) a share of a class of the capital stock of a corporation that is or becomes a holding corporation in connection with the demutualization; or (c) an ownership right in a mutual holding corporation in respect of the insurance corporation. ( avantage de transformation imposable )
Income Tax Act — I-3.3 139.2
Mutual holding corporations 139.2 Where at any time a mutual holding corporation (as defined in subsection 139.1(1)) in respect of an insurance corporation distributes property to a policyholder of the insurance corporation, the mutual holding corporation is deemed to have paid, and the policyholder is deemed to have received from the mutual holding corporation, at that time a dividend on shares of the capital stock of the mutual holding corporation, equal to the fair market value of the property. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2000, c. 19, s. 38
Income Tax Act — I-3.3 140
Deductions in computing income 140 (1) In computing the income for a taxation year of an insurance corporation, whether a mutual corporation or a joint stock company, from carrying on an insurance business other than a life insurance business, there may be deducted every amount credited in respect of that business for the year or a preceding taxation year to a policyholder of the corporation by way of a policy dividend, refund of premiums or refund of premium deposits if the amount was, during the year or within 12 months thereafter, (a) paid or unconditionally credited to the policyholder; or (b) applied in discharge, in whole or in part, of a liability of the policyholder to pay premiums to the corporation. Inclusion in computing income (2) There shall be included in computing the income of an insurance corporation, whether a mutual corporation or a joint stock company, from carrying on an insurance business for its first taxation year that commences after June 17, 1987 and ends after 1987 (in this subsection referred to as its “1988 taxation year”) the amount, if any, by which (a) the total of all amounts each of which is an amount deducted by the corporation in computing its income for a taxation year ending before its 1988 taxation year pursuant to paragraph 140(c) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, or pursuant to that paragraph by reason of subparagraph 138(3)(a)(v) of that Act as it read in respect of those taxation years in respect of amounts credited to the account of the policyholder on terms that the policyholder is entitled to payment thereof on or before the expiration or termination of the policy exceeds (b) the total of all amounts each of which is an amount paid or unconditionally credited to a policyholder or applied in discharge, in whole or in part, of a liability of the policyholder to pay premiums to the corporation before the corporation’s 1988 taxation year in respect of the amounts credited to the account of the policyholder referred to in paragraph 140(2)(a). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 140; 2000, c. 19, s. 39
Income Tax Act — I-3.3 141
Definitions 141 (1) In this section, demutualization and holding corporation have the same meaning as in subsection 139.1(1). Life insurance corporation deemed to be public corporation (2) Notwithstanding any other provision of this Act, a life insurance corporation that is resident in Canada is deemed to be a public corporation. Holding corporation deemed to be public corporation (3) A corporation resident in Canada that is a holding corporation because of its acquisition of shares in connection with the demutualization of a life insurance corporation resident in Canada is deemed to be a public corporation at each time in the specified period of the holding corporation at which the holding corporation would have satisfied conditions prescribed under subparagraph (b)(i) of the definition public corporation in subsection 89(1) if the words “shareholders, the dispersal of ownership of its shares and the public trading of its shares” in that subparagraph were read as “shareholders and the dispersal of ownership of its shares”. Specified period (4) For the purpose of subsection (3), the specified period of a corporation (a) begins at the time the corporation becomes a holding corporation; and (b) ends at the first time the corporation is a public corporation because of any provision of this Act other than subsection (3). Exclusion from taxable Canadian property (5) For the purpose of paragraph (d) of the definition taxable Canadian property in subsection 248(1), a share of the capital stock of a corporation is deemed to be listed at any time on a designated stock exchange if (a) the corporation is (i) a life insurance corporation resident in Canada that has demutualized and that, at that time, would have satisfied conditions prescribed under subparagraph (b)(i) of the definition public corporation in subsection 89(1) if the words “shareholders, the dispersal of ownership of its shares and the public trading of its shares” in that subparagraph were read as “shareholders and the dispersal of ownership of its shares”, or (ii) a holding corporation that is deemed by subsection (3) to be a public corporation at that time; (b) no share of the capital stock of the corporation is listed on any stock exchange at that time; and (c) that time is not later than six months after the time of the demutualization of (i) the corporation, where the corporation is a life insurance corporation, and (ii) in any other case, the life insurance corporation in respect of which the corporation is a holding 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. 141; 2000, c. 19, s. 40; 2001, c. 17, s. 135; 2007, c. 35, s. 44
Income Tax Act — I-3.3 141.1
Deemed not to be a private corporation 141.1 Notwithstanding any other provision of this Act, an insurance corporation (other than a life insurance corporation) that would, but for this section, be a private corporation is deemed not to be a private corporation for the purposes of subsection 55(5), the definition capital dividend account in subsection 89(1) and sections 123.3 and 129. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 141.1; 1998, c. 19, s. 162
Income Tax Act — I-3.3 142
142 [Repealed, 1997, c. 25, s. 40(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 142; 1994, c. 7, Sch. II, s. 115; 1997, c. 25, s. 40
Income Tax Act — I-3.3 142.1
142.1 [Repealed, 1997, c. 25, s. 40(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 142.1; 1997, c. 25, s. 40
Income Tax Act — I-3.3 142.2
 and (b) a trust (other than a trust in respect of which any amount of the income or capital of the trust that any entity may receive directly from the trust at any time as a beneficiary under the trust depends on the exercise by any entity of, or the failure by any entity to exercise, a discretionary power) were a corporation having capital stock of a single class divided into 100 issued shares and each beneficiary under the trust owned, at the particular time, that proportion of the issued shares of that class that (i) the fair market value of the beneficiary’s beneficial interest in the trust at the particular time is of (ii) the fair market value at that time of all beneficial interests in the trust. (5) [Repealed, 2009, c. 2, s. 46] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 58; 1998, c. 19, s. 163; 1999, c. 22, s. 57; 2001, c. 17, ss. 136, 219; 2009, c. 2, s. 46; 2013, c. 40, s. 63 2023, c. 26, s. 34
Income Tax Act — I-3.3 (a)
excluded property of a taxpayer for a taxation year means property, held at any time in the taxation year by the taxpayer, that is (a) a share of the capital stock of a corporation if, at any time in the taxation year, the taxpayer has a significant interest in the corporation, (b) a property that is, at all times in the taxation year at which the taxpayer held the property, a prescribed payment card corporation share of the taxpayer, (c) if the taxpayer is an investment dealer, a property that is, at all times in the taxation year at which the taxpayer held the property, a prescribed securities exchange investment of the taxpayer, (d) a share of the capital stock of a corporation if (i) control of the corporation is, at any time (referred to in this paragraph as the “acquisition of control time”) that is in the 24-month period that begins immediately after the end of the year, acquired by (A) the taxpayer, (B) one or more persons related to the taxpayer (otherwise than by reason of a right referred to in paragraph 251(5)(b)), or (C) the taxpayer and one or more persons described in clause (B), and (ii) the taxpayer elects in writing to have subparagraph (i) apply and files the election with the Minister on or before the taxpayer’s filing-due date for the taxpayer’s taxation year that includes the acquisition of control time, or (e) a prescribed property; ( bien exclu )
Income Tax Act — I-3.3
fair value property of a taxpayer for a taxation year means property, held at any time in the taxation year by the taxpayer, that is — or it is reasonable to expect would, if the taxpayer held the property at the end of the taxation year, be — valued (otherwise than solely because its fair value was less than its cost to the taxpayer or, if the property is a specified debt obligation, because of a default of the debtor) in accordance with generally accepted accounting principles, at its fair value (determined in accordance with those principles) in the taxpayer’s balance sheet as at the end of the taxation year; ( bien évalué à sa juste valeur )
Income Tax Act — I-3.3 (a)
financial institution at any time means (a) a corporation that is, at that time, (i) a corporation referred to in any of paragraphs (a) to (e.1) of the definition restricted financial institution in subsection 248(1), (ii) an investment dealer, or (iii) a corporation controlled by one or more persons or partnerships each of which is a financial institution at that time, other than a corporation the control of which was acquired by reason of the default of a debtor where it is reasonable to consider that control is being retained solely for the purpose of minimizing any losses in respect of the debtor’s default, and (b) a trust or partnership more than 50% of the fair market value of all interests in which are held at that time by one or more financial institutions, but does not include (c) a corporation that is, at that time, (i) an investment corporation, (ii) a mortgage investment corporation, (iii) a mutual fund corporation, or (iv) a deposit insurance corporation (as defined in subsection 137.1(5)), (d) a trust that is a mutual fund trust at that time, nor (e) a prescribed person or partnership; ( institution financière )
Income Tax Act — I-3.3
investment dealer at any time means a corporation that is, at that time, a registered securities dealer; ( courtier en valeurs mobilières )