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

Section 818r81 Disposition versions

2023-09-26

818R81. For the purposes of section 818R79, the following rules apply:

(a)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the insurer’s mean Canadian reserve liabilities for the year in respect of its life insurance business in Canada;

(b)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the insurer’s mean Canadian reserve liabilities for the year in respect of its accident and sickness insurance business in Canada;

(c)  the insurer or, as the case may be, the Minister must designate for a taxation year in respect of the insurer’s insurance business in Canada (other than a life insurance business or an accident and sickness insurance business) investment property of the insurer for the year with a total value for the year equal to the insurer’s mean Canadian reserve liabilities for the year in respect of that business; and

(d)  the insurer or, as the case may be, the Minister must, if the insurer’s mean Canadian investment fund for a taxation year exceeds the total value for the year of all property required to be designated under paragraphs a to c for the year, designate for the year, in respect of a particular insurance business that the insurer carries on in Canada, investment property of the insurer for the year with a total value for the year equal to that excess.

s. 818R79; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1; O.C. 701-2013, s. 37; S.Q. 2023, c. 19, s. 164.

2013-07-03

818R81. For the purposes of section 818R79, the following rules apply:

(a)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of its life insurance business in Canada exceeds the aggregate of

i.  the insurer’s mean Canadian outstanding premiums for the year in respect of that business, and

ii.  the insurer’s mean policy loans for the year in respect of that business, to the extent that the amount of the mean policy loans was not otherwise deducted in computing the insurer’s mean Canadian reserve liabilities for the year;

(b)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of its accident and sickness insurance business exceeds the insurer’s mean Canadian outstanding premiums for the year in respect of that business;

(c)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of its insurance business in Canada, other than a life insurance business or an accident and sickness insurance business, exceeds 50% of the aggregate of all amounts each of which is the amount, at the end of the year or at the end of its preceding taxation year, of a premium receivable or a deferred acquisition expense of the insurer in respect of that business, to the extent that the amount is included in the insurer’s Canadian reserve liabilities at the end of the year or at the end of the preceding taxation year, as the case may be; and

(d)  the insurer or, as the case may be, the Minister must, if the insurer’s mean Canadian investment fund for a taxation year exceeds the total value for the year of all property required to be designated under paragraphs a to c for the year, designate for the year, in respect of a particular insurance business that the insurer carries on in Canada, investment property of the insurer for the year with a total value for the year equal to that excess.

s. 818R79; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1; O.C. 701-2013, s. 37.

2012-09-01

818R81. For the purposes of section 818R79, the following rules apply:

(a)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of its life insurance business in Canada exceeds the aggregate of

i.  the insurer’s mean Canadian outstanding premiums for the year in respect of that business, and

ii.  the insurer’s mean policy loans for the year in respect of that business, to the extent that the amount of the mean policy loans was not otherwise deducted in computing the insurer’s mean Canadian reserve liabilities for the year;

(b)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of its accident and sickness insurance business exceeds the aggregate of

i.  the insurer’s mean Canadian outstanding premiums for the year in respect of that business, and

ii.  50% of the aggregate of all amounts each of which is its total reinsurance recoverables, at the end of the year or at the end of the preceding taxation year, in respect of that business;

(c)  the insurer or, as the case may be, the Minister must designate for a taxation year investment property of the insurer for the year with a total value for the year equal to the amount by which the insurer’s mean Canadian reserve liabilities for the year in respect of the insurer’s insurance business in Canada, other than a life insurance business or an accident and sickness insurance business, exceeds the aggregate of

i.  50% of the aggregate of all amounts each of which is the amount, at the end of the year or at the end of its preceding taxation year, of a premium receivable or a deferred acquisition expense of the insurer in respect of that business, to the extent that it is included in the insurer’s Canadian reserve liabilities at the end of the year or at the end of the preceding taxation year, as the case may be, and

ii.  50% of the aggregate of all amounts each of which is its total reinsurance recoverables, at the end of the year or at the end of the preceding taxation year, in respect of that business; and

(d)  the insurer or, as the case may be, the Minister must, if the insurer’s mean Canadian investment fund for a taxation year exceeds the total value for the year of all property required to be designated under paragraphs a to c for the year, designate for the year, in respect of a particular insurance business that the insurer carries on in Canada, investment property of the insurer for the year with a total value for the year equal to that excess.

s. 818R79; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1.