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

Section 92.19r10 Disposition versions

2024-01-01

92.19R10. In the computation under section 92.19R9, the insurer must include the aggregate of

(a)  the amount determined by the formula

A × B / C;

(b)  the insurer’s maximum tax actuarial reserve for the immediately preceding taxation year in respect of participating life insurance policies in Canada; and

(c)  (subparagraph revoked).

In the formula in subparagraph a of the first paragraph,

(a)  A is the insurer’s gross Canadian life investment income, within the meaning of section 818R53, for the year;

(b)  B is the aggregate of

i.  the insurer’s mean maximum tax actuarial reserve, within the meaning of section 818R53, for the year in respect of participating life insurance policies in Canada, and

ii.  one-half of the aggregate of

(1)  all amounts on deposit with the insurer as at the end of the year in respect of policies described in subparagraph i; and

(2)  all amounts on deposit with the insurer as at the end of the immediately preceding taxation year in respect of policies described in subparagraph i; and

(c)  C is the aggregate of all amounts each of which is

i.  the insurer’s mean maximum tax actuarial reserve for the year in respect of a class of life insurance policies in Canada, or

ii.  one-half of the aggregate of

(1)  all amounts on deposit with the insurer as at the end of the year in respect of a class of policies described in subparagraph i; and

(2)  all amounts on deposit with the insurer as at the end of the immediately preceding taxation year in respect of a class of policies described in subparagraph i.

O.C. 321-2017, s. 4; S.Q. 2023, c. 19, s. 140.

2017-04-12

92.19R10. In the computation under section 92.19R9, the insurer must include the aggregate of

(a)  the amount determined by the formula

A × B / C;

(b)  the insurer’s maximum tax actuarial reserve for the immediately preceding taxation year in respect of participating life insurance policies in Canada; and

(c)  the maximum amount deductible by the insurer under paragraph a.1 of section 840 of the Act in computing its income for the immediately preceding taxation year in respect of participating life insurance policies in Canada.

In the formula in subparagraph a of the first paragraph,

(a)  A is the insurer’s gross Canadian life investment income, within the meaning of section 818R53, for the year;

(b)  B is the aggregate of

i.  the insurer’s mean maximum tax actuarial reserve, within the meaning of section 818R53, for the year in respect of participating life insurance policies in Canada, and

ii.  one-half of the aggregate of

(1)  all amounts on deposit with the insurer as at the end of the year in respect of policies described in subparagraph i; and

(2)  all amounts on deposit with the insurer as at the end of the immediately preceding taxation year in respect of policies described in subparagraph i; and

(c)  C is the aggregate of all amounts each of which is

i.  the insurer’s mean maximum tax actuarial reserve for the year in respect of a class of life insurance policies in Canada, or

ii.  one-half of the aggregate of

(1)  all amounts on deposit with the insurer as at the end of the year in respect of a class of policies described in subparagraph i; and

(2)  all amounts on deposit with the insurer as at the end of the immediately preceding taxation year in respect of a class of policies described in subparagraph i.

O.C. 321-2017, s. 4.