Income Tax Regulations — 1408
1408 (1) The definitions in this subsection apply in this Part. accident and sickness insurance has the same meaning as in the schedule to the Insurance Companies Act . ( assurance accidents et maladie ) acquisition costs [Repealed, SOR/2002-123, s. 2] amount payable , in respect of a policy loan at a particular time, means the amount of the policy loan and the interest that is outstanding on the policy loan at that time. ( montant payable ) benefit , in respect of a policy, includes (a) a policy dividend (other than a policy dividend in respect of a policy described in paragraph 1403(1)(c)) in respect of the policy to the extent that the dividend was specifically treated as a benefit by the insurer in determining a premium for the policy, and (b) an expense of maintaining the policy after all premiums in respect of the policy have been paid to the extent that the expense was specifically provided for by the insurer in determining a premium for the policy, but does not include (c) a policy loan, (d) interest on funds left on deposit with the insurer under the terms of the policy, and (e) any other amount under the policy that was not specifically provided for by the insurer in determining a premium for the policy. ( bénéfice ) capital tax means a tax imposed under Part I.3 or VI of the Act or a similar tax imposed under an Act of the legislature of a province. ( impôt sur le capital ) cash surrender value has the meaning assigned by subsection 148(9) of the Act. ( valeur de rachat ) claim liability [Repealed, 2022, c. 19, s. 84] contractual service margin for a group of insurance contracts of an insurer, or a group of reinsurance contracts held by the insurer, at the end of a taxation year, has the same meaning as in subsection 138(12) of the Act. ( marge sur services contractuels ) deposit accounting insurance policy has the meaning assigned by subsection 138(12) of the Act. ( police d’assurance à comptabilité de dépôt ) extended motor vehicle warranty [Repealed, 2022, c. 19, s. 84] general amending provision [Repealed, 2022, c. 19, s. 84] group of insurance contracts of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance ) group of life insurance contracts of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance-vie ) group of life insurance contracts in Canada of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats d’assurance-vie au Canada ) group of reinsurance contracts held by an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de contrats de réassurance ) group of segregated fund policies of an insurer has the same meaning as in subsection 138(12) of the Act. ( groupe de polices à fonds réservé ) interest , in relation to a policy loan, has the meaning assigned by subsection 138(12) of the Act. ( intérêt ) lapse-supported policy means a life insurance policy that would require materially higher premiums if premiums were determined using policy lapse rates that are zero after the fifth policy year. ( police fondée sur les déchéances ) liability for incurred claims for a group of insurance contracts of an insurer at the end of a taxation year has the same meaning as in subsection 138(12) of the Act. ( 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 has the same meaning as in subsection 138(12) of the Act. ( passif au titre de la couverture restante ) life insurance policy has the same meaning as defined in subsection 138(12) of the Act. ( police d’assurance-vie ) life insurance policy in Canada has the same meaning as defined in subsection 138(12) of the Act. ( police d’assurance-vie au Canada ) modified net premium , in respect of a premium under a policy (other than a prepaid premium under a policy that cannot be refunded except on termination of the policy)