Income Tax Regulations — 310
310 The following definitions apply for the purposes of this section and sections 300, 301 and 304 to 309. adjusted purchase price , of a taxpayer’s interest in an annuity contract at any time, means, subject to subsections 300(3) and (4), the amount that would be determined at that time in respect of the interest under the definition adjusted cost basis in subsection 148(9) of the Act if the formula in that definition were read without reference to K. ( prix d’achat rajusté ) amount payable has the same meaning as in subsection 138(12) of the Act. ( montant payable ) benefit on death has the same meaning as in subsection 1401(3). ( prestation de décès ) cash surrender value has the same meaning as in subsection 148(9) of the Act. ( valeur de rachat ) coverage , under a life insurance policy, (a) for the purposes of section 306, means all life insurance (other than a fund value benefit) under the policy in respect of a specific life, or two or more specific lives jointly insured; and (b) for the purposes of sections 307 and 308, has the same meaning as in subsection 1401(3). ( protection ) endowment date , of an exemption test policy, means (a) where the exemption test policy is issued in respect of a life insurance policy issued before 2017, the later of (i) 10 years after the date of issue of the life insurance policy, and (ii) the first policy anniversary that is on or after the day on which the individual whose life is insured under the life insurance policy would, if the individual survived, attain the age of 85 years, as defined under the terms of the policy; and (b) where the exemption test policy is issued in respect of a coverage under a life insurance policy issued after 2016, (i) if two or more lives are jointly insured under the coverage, the date that would be determined under subparagraph (ii) using the equivalent single age, determined on the coverage’s date of issue and in accordance with accepted actuarial principles and practices, that reasonably approximates the mortality rates of those lives, and (ii) in any other case, the later of (A) the earlier of (I) 15 years after the date of issue of the exemption test policy, and (II) the first policy anniversary that is on or after the day on which the individual whose life is insured under the coverage would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, and (B) the first policy anniversary that is on or after the day on which the individual whose life is insured under the coverage would, if the individual survived, attain the age of 90 years, as defined under the terms of the policy. ( date d’échéance ) fund value benefit has the same meaning as in subsection 1401(3). ( bénéfice au titre de la valeur du fonds ) fund value of a coverage has the same meaning as in subsection 1401(3). ( valeur du fonds d’une protection ) pay period , of an exemption test policy, means (a) where the exemption test policy is issued in respect of a life insurance policy issued before 2017, (i) if on the date of issue of the exemption test policy, the individual whose life is insured has attained the age of 66 years, as defined under the terms of the policy, but not the age of 75 years, as defined under the terms of the policy, the period that starts on that date and that ends after the number of years obtained when the number of years by which the age of the individual exceeds 65 years, as defined under the terms of the policy, is subtracted from 20, (ii) if on the date of issue of the exemption test policy, the individual whose life is insured has attained the age of 75 years, as defined under the terms of the policy, the 10-year period that starts on that date, and (iii) in any other case, the 20-year period that starts on the date of issue of the exemption test policy; and (b) where the exemption test policy is issued in respect of a coverage under a life insurance policy issued after 2016, (i) subject to subparagraph (ii), if the