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I-3, r. 1 - Regulation respecting the Taxation Act
Section 157.3r2
Disposition versions
157.3R2. Where in a taxation year, the rights of a holder under an annuity contract cease upon termination or cancellation of the contract, the holder may, under section 157.3 of the Act, deduct in computing the holder’s income for the year, the amount by which the aggregate of the amounts in respect of the contract that the holder has included in computing the holder’s income for the year or a previous taxation year under section 92 of the Act, exceeds the aggregate of
(a) the proportion of the aggregate of those amounts that the annuity payments made before the rights of the holder have ceased is of the payments expected to be made under the contract; and
(b) the aggregate of the amounts in respect of the contract that were deductible in computing the income of the holder for the year or a previous taxation year under section 157.3R1.
