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

Section 92.11r6 Disposition versions

2019-06-19

92.11R6. An accumulating fund at a particular time in respect of a taxpayer’s interest in a life insurance policy described in paragraph b of section 92.11R2 is an amount equal to the amount obtained by multiplying the proportional interest of the taxpayer in the policy by,

(a)  in the case where the policy is not a deposit administration fund policy and the particular time immediately follows the death of a person whose life was insured under the policy, the aggregate of the maximum amounts that, immediately before the death and in respect of the policy, could be determined by the life insurer under subparagraph c of the first paragraph of section 92.11R12.2 and, in respect of a benefit in the case of accidental death, under subparagraph e of the first paragraph of that section, if the mortality rates used were adjusted to take into account the assumption that the death would occur at the time at which and in the manner in which it did occur; or

(b)  in all other cases, the maximum amount that, at the particular time and in respect of the policy, would be determined by the life insurer under subparagraph a of the first paragraph of section 92.11R12.2, computed as if there were only one deposit administration fund policy, or under subparagraph c of the first paragraph of section 92.11R12.2, whichever applies.

s. 92.11R1.0.4; O.C. 67-96, s. 10; O.C. 134-2009, s. 1; S.Q. 2019, c. 14, s. 623.

2012-09-01

92.11R6. An accumulating fund at a particular time in respect of a taxpayer’s interest in a life insurance policy described in paragraph b of section 92.11R2 is an amount equal to the amount obtained by multiplying the proportional interest of the taxpayer in the policy by,

(a)  in the case where the policy is not a deposit administration fund, where the particular time immediately follows a person’s death and where the policy was issued or subscribed on that person’s life, the aggregate of the maximum amounts that, immediately before the death and in respect of the policy, could be determined by the life insurer under section 840R22 and, in respect of a benefit in the case of accidental death, under sections 840R32 to 840R34, if the mortality rates used were adjusted to take into account the assumption that the death would occur at the time at which and in the manner in which it did occur; or

(b)  in all other cases, the maximum amount that, at the particular time in respect of the policy, would be fixed by the life insurer under section 840R17, computed as if there were only one deposit administration fund, or under section 840R22, whichever applies.

For the purposes of the first paragraph, it is assumed that the life insurer operates its life insurance business in Canada, its taxation year ends at the particular time and the policy is a life insurance policy in Canada.

s. 92.11R1.0.4; O.C. 67-96, s. 10; O.C. 134-2009, s. 1.