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I-3 - Taxation Act

Section 999
Disposition versions

Full text
999. There is no tax exemption for the income from a life insurance business carried on by a benevolent or fraternal benefit society; such income is however computed as if such society has no other income or loss than from that source.
The income referred to in the first paragraph includes income from the sale of property used or held by the benevolent or fraternal benefit society in the year in the course of carrying on a life insurance business.
1972, c. 23, s. 731; 1990, c. 59, s. 336; 1997, c. 3, s. 53.
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