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

Section 157.12r1 Disposition versions

2017-04-12

157.12R1. (Revoked).

s. 157.12R5; O.C. 1454-99, s. 25; O.C. 134-2009, s. 1; O.C. 321-2017, s. 19.

2012-09-01

157.12R1. For the purposes of section 157.12 of the Act, an insurer’s unpaid claims reserve adjustment for its taxation year that includes 23 February 1994 is the amount by which the aggregate of all amounts each of which is the maximum amount that, because of section 152R6 of the preceding Regulation, was deductible under section 152 of the Act in respect of an insurance policy in computing the insurer’s income for its last taxation year that ended before 23 February 1994 exceeds

(a)  where the insurer elects, by notifying the Minister in writing, to have this paragraph apply, the aggregate of all amounts each of which is the maximum amount that would, because of that section 152R6, have been deductible under section 152 of the Act in respect of an insurance policy in computing the insurer’s income for its last taxation year that ended before 23 February 1994 if the figure “3” in the formula in subparagraph b of the first paragraph of that section 152R6, as it read for that year, were replaced by the figure “1”; and

(b)  in any other case, the aggregate of all amounts each of which is the maximum amount that would, because of section 152R6 or 152R6.1 of that preceding Regulation, have been deductible under section 152 of the Act in respect of an insurance policy in computing the insurer’s income for its last taxation year that ended before 23 February 1994 if that section 152R6.1 had applied to that year and those sections 152R6 and 152R6.1 were read in their application to that year as they read in their application to the insurer’s taxation year that includes 23 February 1994.

s. 157.12R5; O.C. 1454-99, s. 25; O.C. 134-2009, s. 1.