I-3, r. 1 - Regulation respecting the Taxation Act

Section 840r13 Disposition versions

2019-06-19

840R13. (Revoked).

s. 840R9.1; O.C. 91-94, s. 86; O.C. 1470-2002, s. 59; O.C. 134-2009, s. 1; S.Q. 2019, c. 14, s. 644.

2012-09-01

840R13. In order to compute the amount that it may deduct under paragraph a of section 840 of the Act in computing its income for a taxation year, a life insurer must deduct, from the aggregate of the amounts that it may deduct under section 840R9, the aggregate of the amounts determined in respect of a life insurance policy referred to in section 840R22 each of which corresponds to the lesser of the following amounts, computed in respect of that policy:

(a)  the amount by which the amount payable in respect of a policy loan outstanding at the end of the year and made in respect of the policy or in respect of the interest accrued on that loan for the benefit of the insurer at the end of the year exceeds the cash surrender value of the policy at that time; and

(b)  the amount by which the aggregate of the present value, at the end of the year, of any future modified net premium in respect of the policy and of the amount payable in respect of a policy loan outstanding at that time and made in respect of the policy or in respect of the interest accrued on that loan for the benefit of the insurer at the end of the year exceeds the present value, at that time, of the future benefits provided by the policy.

s. 840R9.1; O.C. 91-94, s. 86; O.C. 1470-2002, s. 59; O.C. 134-2009, s. 1.