Income Tax Act — I-3.3 138
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; ( passif au titre des sinistres survenus ) liability for remaining coverage , for a group of insurance contracts of an insurer at the end of a taxation year, means the lesser of the positive or negative amount of the liability for remaining coverage for the group (a) that would be reported as at the end of the taxation year if the amount were determined without reference to (i) projected (A) income and capital taxes (other than the tax payable under Part XII.3), (B) taxes on premiums that are not deductible under Part I, (C) amounts not deductible after the taxation year in computing income under Part I, and (D) cash flows in respect of funds withheld arrangements, (ii) amounts payable that are deductible for the taxation year, or a previous taxation year, in computing income under Part I, and (iii) amounts receivable to the extent they have been included for the taxation year, or a previous taxation year, in computing income under Part I, 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); ( passif au titre de la couverture restante ) life insurance policy includes an annuity contract and a contract all or any part of the insurer’s reserves for which vary in amount depending on the fair market value of a specified group of assets; ( police d’assurance-vie ) life insurance policy in Canada means a life insurance policy issued or effected by an insurer on the life of a person resident in Canada at the time the policy was issued or effected; ( police d’assurance-vie au Canada ) maximum tax actuarial reserve for a particular class of life insurance policy for a taxation year of a life insurer means, except as otherwise expressly prescribed, the maximum amount allowable under subparagraph 138(3)(a)(i) as a policy reserve for the year in respect of policies of that class; ( provision actuarielle maximale aux fins d’impôt ) 1975 branch accounting election deficiency [Repealed, 2013, c. 34, s. 286] 1975-76 excess additional group term reserve [Repealed, 2013, c. 34, s. 286] 1975-76 excess capital cost allowance [Repealed, 2013, c. 34, s. 286] 1975-76 excess investment reserve [Repealed, 2013, c. 34, s. 286] 1975-76 excess policy dividend deduction [Repealed, 2013, c. 34, s. 286] 1975-76 excess policy dividend reserve [Repealed, 2013, c. 34, s. 286] 1975-76 excess policy reserves [Repealed, 2013, c. 34, s. 286] non-segregated property of an insurer means its property other than property included in a segregated fund; ( biens non réservés ) participating life insurance policy means a life insurance policy under which the policyholder is entitled to share (other than by way of an experience rating refund) in the profits of the insurer other than profits in respect of property in a segregated fund; ( police d’assurance-vie avec participation ) policyholders’ liabilities , of an insurer as at the end of a taxation year, means the amount reported as policyholders’ liabilities as at the end of the year; ( obligation envers les titulaires de polices ) policy loan means an amount advanced at a particular time by an insurer to a policyholder in accordance with the terms and conditions of a life insurance policy in Canada; ( avance sur police ) 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 assign