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

Section 818r7 Disposition versions

2017-04-12

818R7. (Revoked).

s. 818R4; O.C. 3926-80, s. 31; R.R.Q., 1981, c. I-3, r. 1, s. 818R4; O.C. 91-94, s. 57; O.C. 1707-97, s. 98; O.C. 1466-98, s. 126; O.C. 1470-2002, s. 51; O.C. 134-2009, s. 1; O.C. 321-2017, s. 36.

2012-09-01

818R7. For the purposes of Chapters II to XIV, XVI and XX, the Canadian investment fund, at the end of a taxation year, of a life insurer resident in Canada corresponds to the positive amount established according to the following formula:

[A / B (C – D)] – E.

In the formula in the first paragraph,

(a)  A is the insurer’s Canadian reserve liabilities at the end of the year;

(b)  B is the insurer’s total reserve liabilities at the end of the year;

(c)  C is the total of the following amounts:

i.  the aggregate of the insurer’s policy loans and foreign policy loans at the end of the year, and

ii.  the value, at the end of the year, of the aggregate of the insurer’s investment property, its money and the amounts, other than its investment property and money, deposited to its credit with a corporation authorized to accept deposits or to offer services as a trustee;

(d)  D is the total of the following amounts:

i.  the aggregate of the amounts owing by the insurer at the end of the year, other than an amount described in subparagraph ii and the amount of a debt described in the second paragraph of section 818R27, in respect of money borrowed by it, other than money used by it in order to earn income from a source that is not an insurance business, and

ii.  the aggregate of the amounts each of which represents the amount of a cheque outstanding at the end of the year drawn on an account of the insurer with a corporation authorized to accept deposits or to offer services as a trustee; and

(e)  E is the aggregate of the insurer’s policy loans at the end of the year.

s. 818R4; O.C. 3926-80, s. 31; R.R.Q., 1981, c. I-3, r. 1, s. 818R4; O.C. 91-94, s. 57; O.C. 1707-97, s. 98; O.C. 1466-98, s. 126; O.C. 1470-2002, s. 51; O.C. 134-2009, s. 1.