Income Tax Act — I-3.3 138
olice ) property used by it in the year in, or held by it in the year in the course of [Repealed, 1997, c. 25, s. 39(16)] qualified related corporation of a non-resident insurer has the meaning assigned by subsection 219(8); ( société liée admissible ) reinsurance contract held amount , for a group of reinsurance contracts held by an insurer at the end of a taxation year, means the lesser of the positive or negative amount of the reinsurance contract held asset for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection, and (b) that would be determined at the end of the taxation year in accordance with International Financial Reporting Standards using reasonable assumptions in the circumstances if the amount were determined without reference to amounts described in subparagraphs (a)(i) to (iii) of the definition liability for remaining coverage in this subsection; ( montant au titre des contrats de réassurance détenus ) relevant authority of an insurer means (a) the Superintendent of Financial Institutions, if the insurer is required by law to report to the Superintendent of Financial Institutions, and (b) in any other case, the Superintendent of Insurance or other similar officer or authority of the province under whose laws the insurer is incorporated; ( autorité compétente ) 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 b