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

Section 92.21r5 Disposition versions

2017-04-12

92.21R5. (Revoked).

s. 92.21R13; O.C. 1454-99, s. 8; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 5; O.C. 321-2017, s. 5.

2012-09-01

92.21R5. Where an insurer ceases to carry on all or substantially all of an insurance business, otherwise than as a result of an amalgamation to which section 545 of the Act applies, a winding-up to which sections 556 to 564.1 and 565 of the Act apply or a transfer of the business to which section 832.3 or 832.9 of the Act applies, the following rules apply:

(a)  for the purposes of section 92.21 of the Act, the prescribed portion of an amount in respect of the insurer for its taxation year in which the cessation of business occurs is equal to the aggregate of the amount determined in accordance with section 92.21R2 and the amount by which the amount referred to in the second paragraph exceeds that part of the aggregate of the amounts included under section 92.21 of the Act in computing the income of the insurer for preceding taxation years that may reasonably be considered to relate to the amount referred to in the second paragraph; and

(b)  there is to be subtracted from the insurer’s transition amount, for the purposes of subparagraph d of the second paragraph of section 92.21R2 in respect of the taxation year of the insurer in which the insurer ceases to carry on the business or a subsequent taxation year, the amount referred to in the second paragraph.

The amount to which the first paragraph refers is equal to the part of the insurer’s transition amount that may reasonably be attributed to the insurance business referred to in that paragraph.

s. 92.21R13; O.C. 1454-99, s. 8; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 5.