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

Section 92.11r9 Disposition versions

2019-06-19

92.11R9. For the purpose of applying section 92.11R8 in respect of an exemption test policy issued in respect of a coverage under a life insurance policy issued after 31 December 2016, the following rules apply:

(a)  the rates of interest and mortality used and the age of the individual whose life is insured under the coverage are to be the same as those used in computing the amounts referred to in subparagraph c of the first paragraph of section 92.11R12.2 in respect of the policy; and

(b)  each amount of a death benefit is to be determined net of any portion of the death benefit in respect of the exemption test policy that is related to a segregated fund.

s. 92.11R1.0.7; O.C. 67-96, s. 10; O.C. 134-2009, s. 1; S.Q. 2019, c. 14, s. 624.

2012-09-01

92.11R9. For the purposes of section 92.11R8, where on the date of issue of a standard policy for purposes of exemption, the person whose life is insured is

(a)  not less than 75 years old, the references in that section to the figure “20” and to the word “twentieth” are to be replaced by references to the figure “10” and the word “tenth, respectively”; and

(b)  not less than 66 years old, but less than 75 years old, the references in that section to the figure “20” and to the word “twentieth” are to be replaced by references to the number obtained by subtracting from 20 the number of years by which the person’s age exceeds 65 and to the ordinal number corresponding to the number so obtained, respectively.

s. 92.11R1.0.7; O.C. 67-96, s. 10; O.C. 134-2009, s. 1.