I-3 - Taxation Act

Section 1175.13 Disposition versions

2006-03-01

1175.13. A life insurer that carries on business in Canada at any time in a taxation year and is related at the end of the year to another life insurer that carries on business in Canada may file with the Minister, on behalf of the related group of life insurers of which the life insurer is a member, an agreement in prescribed form under which an amount that does not exceed the total of the following amounts is allocated for the year among the members of the related group:

(a)  $10,000,000;

(b)  1/2 of the amount by which the lesser of the following amounts exceeds $10,000,000:

i.  $50,000,000, and

ii.  the total of all amounts each of which is the taxable capital employed in Canada of a life insurer for the year that is a member of the related group;

(c)  1/4 of the amount by which the lesser of the following amounts exceeds $50,000,000:

i.  $100,000,000, and

ii.  the total of all amounts each of which is the taxable capital employed in Canada of a life insurer for the year that is a member of the related group;

(d)  1/2 of the amount by which the lesser of the following amounts exceeds $200,000,000:

i.  $300,000,000, and

ii.  the total of all amounts each of which is the taxable capital employed in Canada of a life insurer for the year that is a member of the related group; and

(e)  3/4 of the amount by which the total of all amounts each of which is the taxable capital employed in Canada of a life insurer for the year that is a member of the related group, exceeds $300,000,000.

1997, c. 14, s. 286.