GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Regulations — (a)
equity limit of an insurer for a taxation year means (a) in respect of a life insurer resident in Canada, that proportion of the total of all amounts each of which is the value for the year of an equity property of the insurer that (i) the insurer’s weighted Canadian liabilities as at the end of the year is of (ii) the insurer’s weighted total liabilities as at the end of the year; (b) in respect of a non-resident insurer (other than a life insurer), 25% of the total of (i) the insurer’s mean Canadian reserve liabilities for the year, and (ii) the insurer’s property and casualty surplus for the year; and (c) in respect of a non-resident life insurer, the total of (i) either, (A) if the insurer makes an election referred to in subparagraph (b)(i) of the definition attributed surplus for the year, the greater of (I) that proportion of the total of all amounts each of which is the value for the year of an equity property of the insurer that 1 the insurer’s weighted Canadian liabilities as at the end of the year is of 2 the insurer’s weighted total liabilities as at the end of year, and (II) 8% of the insurer’s mean Canadian investment fund for the year, or (B) if the insurer does not make this election for the year, 8% of the insurer’s mean Canadian investment fund for the year, (ii) 25% of the insurer’s mean Canadian reserve liabilities for the year, and (iii) 25% of the insurer’s property and casualty surplus for the year. ( plafond des avoirs )
Income Tax Regulations — (a)
equity property of a person or partnership (in this definition referred to as the “taxpayer”) at any time means property of the taxpayer that is (a) a share of the capital stock of, or an income bond or income debenture, issued by, another person (other than a corporation affiliated with the taxpayer) or partnership; or (b) that proportion of property that is shares of the capital stock of a corporation affiliated with the taxpayer or an interest in a partnership or trust that (i) the total value for the taxation year or fiscal period of the corporation, partnership or trust that includes that time of equity property of the corporation, partnership or trust, as the case may be, is of (ii) the total value for the year or period of all property of the corporation, partnership or trust, as the case may be. ( avoir )
Income Tax Regulations — (a)
financial institution means a corporation that is (a) a corporation described in any of paragraphs (a) to (e) of the definition restricted financial institution in subsection 248(1) of the Act; or (b) a particular corporation all or substantially all of the value of the assets of which is attributable to shares or indebtedness of one or more corporations described in paragraph (a) to which the particular corporation is affiliated. ( institution financière )
Income Tax Regulations — Income Tax Regulations
foreign policy loan [Repealed, 2022, c. 19, s. 85]
Income Tax Regulations — (a)
gross Canadian life investment income of a life insurer for a taxation year means the amount, if any, by which (a) the total of all amounts each of which is (i) the insurer’s gross investment revenue for the year, to the extent that the revenue is from Canadian business property of the insurer for the year in respect of the insurer’s life insurance business, (ii) the amount included in computing the insurer’s income for the year under paragraph 138(9)(b) of the Act, (iii) the portion of the amount deducted under paragraph 20(1)(l) of the Act in computing the insurer’s income for its preceding taxation year that was in respect of Canadian business property of the insurer for that year in respect of the insurer’s life insurance business, (iv) the amount included under section 142.4 of the Act in computing the insurer’s income for the year in respect of property disposed of by the insurer that was, in the taxation year of disposition, Canadian business property of the insurer for that year in respect of the insurer’s life insurance business, (v) the insurer’s gain for the year from the disposition of a Canadian business property of the insurer for the year in respect of the insurer’s life insurance business, other than a capital property or a property in respect of the disposition of which section 142.4 of the Act applies, or (vi) the insurer’s taxable capital gain for the year from the disposition of a Canadian business property of the insurer for the year in respect of the insurer’s life insurance business exceeds (b) the total of all amounts each of which is (i) the portion of the amount deducted under paragraph 20(1)(l) of the Act in computing the insurer’s income for the year that is in respect of Canadian business property of the insurer for the year in respect of the insurer’s life insurance business, (ii) the amount deductible under section 142.4 of the Act in computing the insurer’s income for the year in respect of a property disposed of by the insurer that was, in the taxation year of disposition, a Canadian business property of the insurer for that year in respect of the insurer’s life insurance business, (iii) the insurer’s loss for the year from the disposition of a Canadian business property of the insurer for the year in respect of the insurer’s life insurance business, other than a capital property or a property in respect of the disposition of which section 142.4 of the Act applies, or (iv) the insurer’s allowable capital loss for the year from the disposition of a Canadian business property of the insurer for the year in respect of the insurer’s life insurance business. ( revenus bruts de placements en assurance-vie au Canada )
Income Tax Regulations — (a)
investment property of an insurer for a taxation year means non-segregated property owned by the insurer, other than a policy loan payable to the insurer, at any time in the year that is (a) property acquired by the insurer for the purpose of earning gross investment revenue in the year, other than property that is (i) property, a proportion of which is investment property of the insurer for the year because of paragraph (b), (ii) a share of the capital stock of, or a debt owing to the insurer by, a corporation affiliated with the insurer, or (iii) an interest in a partnership or trust; (b) that proportion, if any, of property of the insurer that is land, depreciable property or property that would have been depreciable property if it had been situated in Canada and used or held by the insurer in the year in the course of carrying on an insurance business in Canada that (i) the use made of the property by the insurer in the year for the purpose of earning gross investment revenue in the year is of (ii) the whole use made of the property by the insurer in the year; (c) if the insurer is a life insurer, property described in any of paragraphs 138(4.4)(a) to (d) of the Act; (d) either (i) a share of the capital stock of, or a debt owing to the insurer by, a corporation (other than a corporation that is a financial institution) affiliated with the insurer, if the total value for the year of all investment property of the corporation for the year is not less than 75% of the total value for the year of all its property, or (ii) an interest in a partnership or trust, if the total value for the year of all investment property of the partnership or trust, as the case may be, for the year is not less than 75% of the total value for the year of all its property, and for the purpose of this paragraph (other than for the purpose of determining whether a corporation is a financial institution) every corporation, partnership and trust is deemed to be an insurer; or (e) an amount due or an amount accrued to the insurer on account of income that (i) is from designated insurance property for the year that is investment property of the insurer for the year because of any of paragraphs (a) to (d), and (ii) is supporting the insurer’s Canadian insurance contract liabilities for the year. ( bien de placement )
Income Tax Regulations — Income Tax Regulations
mean Canadian outstanding premiums [Repealed, 2022, c. 19, s. 85]
Income Tax Regulations — (a)
mean Canadian reserve liabilities of an insurer for a taxation year means 50% of the total of (a) its Canadian reserve liabilities as at the end of the year, and (b) its Canadian reserve liabilities as at the end of its preceding taxation year. ( moyenne du passif de réserve canadienne )
Income Tax Regulations — (a)
mean maximum tax actuarial reserve in respect of a particular class of life insurance policies of an insurer for a taxation year means 50% of the total of (a) its maximum tax actuarial reserve for that class of policies for the year, and (b) its maximum tax actuarial reserve for that class of policies for its preceding taxation year. ( provision actuarielle maximale moyenne aux fins d’impôt )
Income Tax Regulations — Income Tax Regulations
mean policy loans [Repealed, 2022, c. 19, s. 85]
Income Tax Regulations — Income Tax Regulations
outstanding premiums [Repealed, 2022, c. 19, s. 85]
Income Tax Regulations — Income Tax Regulations
policyholders’ liabilities of an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( obligation envers les titulaires de polices )
Income Tax Regulations — (a)
property and casualty surplus of an insurer for a taxation year means the amount determined by the formula 0.075 × (A + B + C + D − E − F) + 0.5 × (G + H) where A is the total of all amounts each of which is the liability for remaining coverage for a group of insurance contracts of the insurer at the end of the year that is in respect of property and casualty insurance; B is the total of all amounts each of which is the liability for remaining coverage for a group of insurance contracts of the insurer at the end of the preceding taxation year that is in respect of property and casualty insurance; C is the total of all amounts each of which is the liability for incurred claims for a group of insurance contracts of the insurer at the end of the year that is in respect of property and casualty insurance; D is the total of all amounts each of which is the liability for incurred claims for a group of insurance contracts of the insurer at the end of the preceding taxation year that is in respect of property and casualty insurance; E is the total of all amounts each of which is an amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) if no portion of the reinsurance contract held amount for the group is in respect of the reinsurance of a risk under a policy other than a policy that is in respect of property and casualty insurance, the reinsurance contract held amount for the group, and (b) in any other case, the amount that would be the reinsurance contract held amount for the group if the reinsurance contract held amount were determined excluding any portion that is in respect of the reinsurance of a risk under a policy other than policies in respect of property and casualty insurance; F is the total of all amounts each of which is an amount, in respect of a group of reinsurance contracts held by the insurer at the end of the preceding taxation year, that is (a) if no portion of the reinsurance contract held amount for the group is in respect of the reinsurance of a risk under a policy other than a policy that is in respect of property and casualty insurance, the reinsurance contract held amount for the group, and (b) in any other case, the amount that would be the reinsurance contract held amount for the group if the reinsurance contract held amount were determined excluding any portion that is in respect of the reinsurance of a risk under a policy other than policies in respect of property and casualty insurance; G is the insurer’s investment valuation reserve as at the end of the year in respect of its property and casualty insurance business; and H is the insurer’s investment valuation reserve as at the end of its preceding taxation year in respect of its property and casualty insurance business. ( excédent provenant de l’assurance de dommages )
Income Tax Regulations — Income Tax Regulations
reinsurance recoverable [Repealed, 2022, c. 19, s. 85]
Income Tax Regulations — (a)
value for a taxation year of a property of a person or partnership (in this definition referred to as the “owner”) means (a) [Repealed, 2022, c. 19, s. 85] (b) [Repealed, 2022, c. 19, s. 85] (c) in the case of a property that was not owned by the owner throughout the year, the amount, if any, by which (i) that proportion of (A) the carrying value of the property as at the end of the preceding taxation year, if the property was owned by the owner at that time, (B) the carrying value of the property as at the end of the year, if the property was owned by the owner at that time and not at the end of the preceding taxation year, and (C) in any other case, the cost of the property to the owner when it was acquired, that the number of days that are in the year and at the end of which the owner owned the property is of the number of days in the year, exceeds (ii) the amount obtained when the interest payable by the owner, for the period in the year during which the property was held by the owner, on debt assumed or incurred by the owner in respect of the acquisition of the property (or another property for which the property is a substituted property) is divided by the average rate of interest payable by the owner (expressed as an annual rate) on the debt for the year; and (d) in the case of any other property, the amount, if any, by which (i) 50% of the total of (A) the carrying value of the property as at the end of the year, and (B) the carrying value of the property as at the end of the preceding taxation year exceeds (ii) the amount obtained when the interest payable by the owner, for the period in the year during which the property was held by the owner, on debt assumed or incurred by the owner in respect of the acquisition of the property (or another property for which the property is a substituted property) is divided by the average rate of interest payable by the owner (expressed as an annual rate) on the debt for the year. ( valeur )
Income Tax Regulations — (a)
der a segregated fund policy in respect of which subparagraphs 1406(b)(i) and (ii) apply) as at the end of the year except to the extent the liability is in respect of (a) an insurance policy described in paragraph (a) or (b) of the description of C, or (b) a debt incurred or assumed by the insurer to acquire a property of the insurer, H is the total of all amounts each of which is an amount, in respect of a group of insurance contracts of the insurer at the end of the year, that is (a) the contractual service margin for the group, if no portion of the contractual service margin is in respect of a policy other than a policy that (i) is not described in paragraph (a) or (b) of the description of C, (ii) is (A) a life insurance policy, (B) a policy in respect of mortgage insurance (as defined in subsection 1408(1)), or (C) a policy in respect of title insurance (as defined in subsection 1408(1)), (iii) is not a segregated fund policy, and (iv) is in respect of an insurance business carried on by the insurer in Canada, and (b) in any other case, the amount that would be the contractual service margin for the group if the amount were determined excluding any portion that is in respect of a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iv), I is the total of all amounts each of which is an amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) the reinsurance contract held amount for the group, if no portion of the reinsurance contract held amount for the group is in respect of the reinsurance of (i) a risk under a policy other than a policy that meets the conditions under subparagraphs (a)(i) and (iv) of the description of H, or (ii) an obligation to pay a benefit under a segregated fund policy in respect of which subparagraphs 1406(b)(i) and (ii) apply, and (b) in any other case, the amount that would be the reinsurance contract held amount for the group if the amount were determined excluding any portion that is in respect of the reinsurance of either (i) a risk under a policy other than a policy that meets the conditions under subparagraphs (a)(i) and (iv) of the description of H, or (ii) an obligation to pay a benefit under a segregated fund policy in respect of which subparagraphs 1406(b)(i) and (ii) apply, and J is the total of all amounts each of which is the amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) if no portion of the contractual service margin for the group is in respect of a risk under a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iv) of the description of H, the contractual service margin for the group, and (b) in any other case, the amount that would be the contractual service margin for the group if the amount were determined excluding any portion that is in respect of the reinsurance of a risk under a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iv) of the description of H. ( passif canadien pondéré )
Income Tax Regulations — (a)
ent the liability is in respect of (a) an insurance policy described in paragraph (a) or (b) of the description of C, or (b) a debt incurred or assumed by the insurer to acquire a property of the insurer, H is the total of all amounts each of which is an amount, in respect of a group of insurance contracts of the insurer at the end of the year, that is (a) the contractual service margin for the group, if no portion of the contractual service margin is in respect of a policy other than a policy that (i) is not described in paragraph (a) or (b) of the description of C, (ii) is (A) a life insurance policy, (B) a policy in respect of mortgage insurance (as defined in subsection 1408(1)), or (C) a policy in respect of title insurance (as defined in subsection 1408(1)), and (iii) is not a segregated fund policy, and (b) in any other case, the amount that would be the contractual service margin for the group if the amount were determined excluding any portion that is in respect of a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iii), I is the total of all amounts each of which is an amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) the reinsurance contract held amount for the group, if no portion of the reinsurance contract held amount for the group is in respect of the reinsurance of (i) a risk under a policy other than a policy that meets the condition under subparagraph (a)(i) of the description of H, or (ii) an obligation to pay a benefit under a segregated fund policy in respect of which subparagraphs 1406(b)(i) and (ii) apply, and (b) in any other case, the amount that would be the reinsurance contract held amount for the group if the amount were determined excluding any portion that is in respect of the reinsurance of either (i) a risk under a policy other than a policy that meets the condition under subparagraph (a)(i) of the description of H, or (ii) an obligation to pay a benefit under a segregated fund policy in respect of which subparagraphs 1406(b)(i) and (ii) apply, and J is the total of all amounts each of which is the amount, in respect of a group of reinsurance contracts held by the insurer at the end of the year, that is (a) if no portion of the contractual service margin for the group is in respect of a risk under a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iii) of the description of H, the contractual service margin for the group, and (b) in any other case, the amount that would be the contractual service margin for the group if the amount were determined excluding any portion that is in respect of the reinsurance of a risk under a policy other than a policy that meets the conditions in subparagraphs (a)(i) to (iii) of the description of H. ( passif total pondéré )
Income Tax Regulations — 2401
ncluded in paragraph (a)) in the order set out in subparagraphs (a)(i) to (iii); and (d) other investment property. Equity Limit for the Year (4) Notwithstanding subsections (2) and (3), (a) the total value for the year of Canadian equity property of an insurer that may be designated in respect of the insurer’s insurance businesses for a taxation year shall not exceed the insurer’s equity limit for the year; and (b) for a taxation year a portion of a particular Canadian equity property of an insurer may be designated if the designation of the entire property would result in a designation of Canadian equity property of the insurer for the year with a total value for the year exceeding the insurer’s equity limit for the year. Exchanged Property (5) For the purposes of subsection (3), property acquired by an insurer in a particular taxation year is deemed to be designated insurance property of the insurer in respect of a particular business of the insurer for its preceding taxation year and to have been owned by the insurer at the beginning of the particular taxation year if the property was acquired (a) by reason of (i) a transaction to which any of sections 51, 51.1, 85.1 and 86 of the Act applies, (ii) a transaction in respect of which an election is made under subsection 85(1) or (2) of the Act, (iii) an amalgamation (within the meaning assigned by subsection 87(1) of the Act), or (iv) a winding-up of a corporation to which subsection 88(1) of the Act applies, and (b) as consideration for or in exchange for property of the insurer that was designated insurance property of the insurer in respect of the particular insurance business for its preceding taxation year. Non-investment Property (6) Non-segregated property owned by an insurer at any time in a taxation year (other than investment property of the insurer for the year) that is used or held by the insurer in the year in the course of carrying on an insurance business in Canada is deemed to be designated insurance property of the insurer for the year in respect of the business. Policy Loan Excluded from Designated Property (7) Notwithstanding any other provision in this Part, a policy loan payable to an insurer is not designated insurance property of the insurer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-670, s. 4; SOR/2000-413, s. 2; 2010, c. 25, 82 2022, c. 19, s. 86
Income Tax Regulations — 2402
2402 [Repealed, 2013, c. 34, s. 391] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/79-670, s. 4; SOR/83-865, s. 7; SOR/90-661, s. 7; SOR/2009-222, s. 2; 2013, c. 34, s. 391