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

Section 92.21r3 Disposition versions

2017-04-12

92.21R3. (Revoked).

s. 92.21R11; O.C. 1454-99, s. 8; O.C. 134-2009, s. 1; O.C. 321-2017, s. 5.

2012-09-01

92.21R3. Where sections 556 to 564.1 and 565 of the Act have applied to the winding-up of an insurer, in this section referred to as the “subsidiary”, the following rules apply:

(a)  for the purposes of subparagraphs a to c of the second paragraph of section 92.21R2 in respect of the subsidiary, the days that are after the day on which the subsidiary’s property was distributed to its parent on the winding-up are not to be taken into consideration; and

(b)  for the purposes of section 92.21 of the Act, the prescribed portion of an amount in respect of the parent for a taxation year that includes the day referred to in paragraph a is equal to the aggregate of

i.  the amount that would be determined under section 92.21R2 in respect of the parent for the year if the parent’s transition amount did not include the subsidiary’s transition amount, and

ii.  the amount that would be determined under section 92.21R2 in respect of the parent for the year if the day referred to in paragraph a and any days before that day were not taken into consideration for the purposes of subparagraphs a to c of the second paragraph of that section and the amount referred to in subparagraph d of that paragraph were equal to the subsidiary’s transition amount.

s. 92.21R11; O.C. 1454-99, s. 8; O.C. 134-2009, s. 1.