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

Section 92.11r8 Disposition versions

2019-06-19

92.11R8. An accumulating fund, at a particular time, in respect of an exemption test policy referred to in paragraph c of section 92.11R2 means

(a)  if the particular time is during the exemption test policy’s pay period, the amount determined by the formula

A × B/C;

(b)  if the particular time is after the exemption test policy’s pay period and before its endowment date, the amount that is the present value at the particular time of the future death benefit under the exemption test policy; and

(c)  if the particular time is on or after the exemption test policy’s endowment date and the relevant life insurance policy is issued after 31 December 2016, the amount that is the death benefit under the exemption test policy at the particular time.

In the formula in subparagraph a of the first paragraph,

(a)  A is the amount that would be determined under subparagraph b of the first paragraph in respect of the exemption test policy

i.  if the exemption test policy’s pay period is determined under subparagraph i or ii of paragraph b of the definition of “pay period” in the first paragraph of section 92.11R1, on the first policy anniversary that is after the day preceding the day on which the individual whose life is insured would, if the individual survived, attain the age of 105 years, within the meaning of the policy, and

ii.  in any other case, on the exemption test policy’s policy anniversary represented by the adjectival form of the number of years in its pay period;

(b)  B is the number of years since the exemption test policy was issued; and

(c)  C is the number of years in the exemption test policy’s pay period.

s. 92.11R1.0.6; O.C. 67-96, s. 10; O.C. 134-2009, s. 1; S.Q. 2019, c. 14, s. 624.

2012-09-01

92.11R8. An accumulating fund at a particular time in respect of a policy described in paragraph c of section 92.11R2 is,

(a)  in the case where the policy was issued not less than 20 years before the particular time, the amount that, at the particular time and in respect of the policy, would be fixed under paragraph b of section 840R22 by the life insurer in respect of future benefits provided for in the policy, if its taxation year ended at the particular time; or

(b)  in all other cases, the proportion of the amount that, in respect of the policy, would be fixed under paragraph a at the time of the 20th anniversary of the policy, that the number of years since the issue of the policy is of 20.

s. 92.11R1.0.6; O.C. 67-96, s. 10; O.C. 134-2009, s. 1.