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

Section 818r61 Disposition versions

2023-09-26

818R61. The amount to which paragraph c of section 818R58 refers in respect of an insurer for a taxation year is equal to the aggregate of

(a)  either

i.  if the insurer makes an election referred to in paragraph a of the definition of “attributed surplus” in section 818R53 for the year, the greater of

(1)  that proportion of the aggregate of all amounts each of which is the value for the year of an equity property of the insurer that the insurer’s weighted Canadian liabilities at the end of the year is of the insurer’s weighted total liabilities at the end of the year, and

(2)  8% of the insurer’s mean Canadian investment fund for the year, or

ii.  where subparagraph i does not apply, the amount described in subparagraph 2 of subparagraph i in respect of the insurer;

(b)  25% of the insurer’s mean Canadian reserve liabilities for the year; and

(c)  25% of the insurer’s property and casualty insurance surplus for the year.

s. 818R59; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1; S.Q. 2023, c. 19, s. 158.

2012-09-01

818R61. The amount to which paragraph c of section 818R58 refers in respect of an insurer for a taxation year is equal to the aggregate of

(a)  either

i.  if the insurer makes an election referred to in paragraph a of the definition of “attributed surplus” in section 818R53 for the year, the greater of

(1)  that proportion of the aggregate of all amounts each of which is the value for the year of an equity property of the insurer that the insurer’s weighted Canadian liabilities at the end of the year is of the insurer’s weighted total liabilities at the end of the year, and

(2)  8% of the insurer’s mean Canadian investment fund for the year, or

ii.  where subparagraph i does not apply, the amount described in subparagraph 2 of subparagraph i in respect of the insurer;

(b)  25% of the amount by which the insurer’s mean Canadian reserve liabilities for the year exceeds 50% of the aggregate of its premiums receivable and deferred acquisition expenses at the end of the year and its premiums receivable and deferred acquisition expenses at the end of its preceding taxation year, to the extent that those amounts were included in the insurer’s Canadian reserve liabilities at the end of the year or the preceding taxation year, as the case may be; and

(c)  25% of the insurer’s property and casualty insurance surplus for the year.

For the purposes of subparagraph b of the first paragraph, the insurer’s mean Canadian reserve liabilities for the year or the insurer’s Canadian reserve liabilities at the end of a taxation year is determined on the assumption that the insurer’s property and casualty insurance business carried on in Canada during the year was its only insurance business carried on in Canada that year.

s. 818R59; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1.