I-3 - Taxation Act

Section 1175.1 Disposition versions

2023-09-26

1175.1. In this Part,

“amount” has the meaning assigned by section 1;

“Canadian reserve liabilities” has the meaning assigned by the regulations under section 818;

“carrying on business in Québec” has the meaning assigned by section 1166;

“contractual service margin” has the meaning assigned by subparagraph z of the first paragraph of section 835;

“foreign insurance subsidiary” of a life insurer, at a particular time, means a corporation not resident in Canada that

(a)  carried on a life insurance business throughout its last taxation year ending at or before the particular time and did not carry on a life insurance business in Canada at any time in that taxation year; and

(b)  is at the particular time

i.  a subsidiary of the life insurer, and

ii.  not a subsidiary of any corporation that is resident in Canada, carried on a life insurance business in Canada at any time in its last taxation year ending at or before the particular time and is a subsidiary of the life insurer;

“group of insurance contracts” has the meaning assigned by subparagraph u of the first paragraph of section 835;

“group of reinsurance contracts” has the meaning assigned by subparagraph x of the first paragraph of section 835;

“group of segregated fund policies” has the meaning assigned by subparagraph y of the first paragraph of section 835;

“life insurance business” has the meaning assigned by section 1;

“life insurer” has the meaning assigned by section 1;

“long-term debt” of a life insurer or of a foreign insurance subsidiary means its subordinated indebtedness, within the meaning assigned by subsection 1 of section 2 of the Insurance Companies Act (S.C. 1991, c. 47), evidenced by obligations issued for a term of not less than five years;

“policyholders’ liabilities” has the meaning assigned by subparagraph z.2 of the first paragraph of section 835;

“province” has the meaning assigned by section 1;

“reserves”, in respect of a life insurer for a taxation year, means the amount at the end of the year of all of the life insurer’s

(a)  reserves, provisions and allowances, other than those in respect of depreciation or depletion and those for losses, in respect of a contract of lease or of leasing, that a life insurer carrying lease or leasing activities cannot deduct in computing its income under Part I; and

(b)  deferred taxes or future taxes, depending on the method followed by the life insurer;

“subsidiary” of a corporation, in this definition referred to as the “parent corporation”, means a corporation not less than 90% of the issued and outstanding shares of each class of the capital stock of which belong to

(a)  the parent corporation;

(b)  a corporation that is a subsidiary of the parent corporation; or

(c)  any combination of corporations each of which is a corporation described in paragraph a or b;

“Superintendent of Financial Institutions”, in respect of a life insurer, means

(a)  the Superintendent of Financial Institutions for Canada, where the life insurer is required to report to that person; and

(b)  where the life insurer is incorporated under the laws of a province, the superintendent of insurance or other similar agent or authority of that province, or the Autorité des marchés financiers, according to the person to whom the life insurer is required to report;

“taxation year” has the meaning assigned by Part I;

“total reserve liabilities” of an insurer at the end of a taxation year means the amount by which the aggregate amount of the insurer’s liabilities and reserves at the end of the year in respect of all its insurance policies, other than liabilities and reserves in respect of a segregated fund, within the meaning of subparagraph b of the first paragraph of section 835, as determined for the purposes of the Superintendent of Financial Institutions, exceeds the aggregate of all amounts each of which is a reinsurance recoverable within the meaning of section 818R53 of the Regulation respecting the Taxation Act (chapter I-3, r. 1) reported as a reinsurance asset by the insurer as at the end of the year relating to those liabilities or reserves.

1997, c. 14, s. 286; 1997, c. 31, s. 141; 1998, c. 16, s. 249; 2000, c. 39, s. 260; 2001, c. 53, s. 256; 2002, c. 9, s. 137; 2002, c. 45, s. 520; 2004, c. 37, s. 90; 2007, c. 12, s. 304; 2013, c. 10, s. 176; 2019, c. 14, s. 465; 2023, c. 19, s. 126.

2021-01-01

1175.1. In this Part,

“amount” has the meaning assigned by section 1;

“Canadian reserve liabilities” has the meaning assigned by the regulations under section 818;

“carrying on business in Québec” has the meaning assigned by section 1166;

“foreign insurance subsidiary” of a life insurer, at a particular time, means a corporation not resident in Canada that

(a)  carried on a life insurance business throughout its last taxation year ending at or before the particular time and did not carry on a life insurance business in Canada at any time in that taxation year; and

(b)  is at the particular time

i.  a subsidiary of the life insurer, and

ii.  not a subsidiary of any corporation that is resident in Canada, carried on a life insurance business in Canada at any time in its last taxation year ending at or before the particular time and is a subsidiary of the life insurer;

“life insurance business” has the meaning assigned by section 1;

“life insurer” has the meaning assigned by section 1;

“long-term debt” of a life insurer or of a foreign insurance subsidiary means its subordinated indebtedness, within the meaning assigned by subsection 1 of section 2 of the Insurance Companies Act (S.C. 1991, c. 47), evidenced by obligations issued for a term of not less than five years;

“province” has the meaning assigned by section 1;

“reserves”, in respect of a life insurer for a taxation year, means the amount at the end of the year of all of the life insurer’s

(a)  reserves, provisions and allowances, other than those in respect of depreciation or depletion and those for losses, in respect of a contract of lease or of leasing, that a life insurer carrying lease or leasing activities cannot deduct in computing its income under Part I; and

(b)  deferred taxes or future taxes, depending on the method followed by the life insurer;

“subsidiary” of a corporation, in this definition referred to as the “parent corporation”, means a corporation not less than 90% of the issued and outstanding shares of each class of the capital stock of which belong to

(a)  the parent corporation;

(b)  a corporation that is a subsidiary of the parent corporation; or

(c)  any combination of corporations each of which is a corporation described in paragraph a or b;

“Superintendent of Financial Institutions”, in respect of a life insurer, means

(a)  the Superintendent of Financial Institutions for Canada, where the life insurer is required to report to that person; and

(b)  where the life insurer is incorporated under the laws of a province, the superintendent of insurance or other similar agent or authority of that province, or the Autorité des marchés financiers, according to the person to whom the life insurer is required to report;

“taxation year” has the meaning assigned by Part I;

“total reserve liabilities” of an insurer at the end of a taxation year means the amount by which the aggregate amount of the insurer’s liabilities and reserves at the end of the year in respect of all its insurance policies, other than liabilities and reserves in respect of a segregated fund, within the meaning of subparagraph b of the first paragraph of section 835, as determined for the purposes of the Superintendent of Financial Institutions, exceeds the aggregate of all amounts each of which is a reinsurance recoverable within the meaning of section 818R53 of the Regulation respecting the Taxation Act (chapter I-3, r. 1) reported as a reinsurance asset by the insurer as at the end of the year relating to those liabilities or reserves.

1997, c. 14, s. 286; 1997, c. 31, s. 141; 1998, c. 16, s. 249; 2000, c. 39, s. 260; 2001, c. 53, s. 256; 2002, c. 9, s. 137; 2002, c. 45, s. 520; 2004, c. 37, s. 90; 2007, c. 12, s. 304; 2013, c. 10, s. 176; 2019, c. 14, s. 465.

2013-06-05

1175.1. In this Part,

“amount” has the meaning assigned by section 1;

“annual qualification certificate” has the meaning assigned by the first paragraph of section 737.18.14;

“Canadian reserve liabilities” has the meaning assigned by the regulations under section 818;

“carrying on business in Québec” has the meaning assigned by section 1166;

“eligibility period” has the meaning assigned by section 737.18.14;

“eligible activities” has the meaning assigned by the first paragraph of section 737.18.14;

“eligible employee” has the meaning assigned by section 1166;

“employee” has the meaning assigned by section 1;

“foreign insurance subsidiary” of a life insurer, at a particular time, means a corporation not resident in Canada that

(a)  carried on a life insurance business throughout its last taxation year ending at or before the particular time and did not carry on a life insurance business in Canada at any time in that taxation year; and

(b)  is at the particular time

i.  a subsidiary of the life insurer, and

ii.  not a subsidiary of any corporation that is resident in Canada, carried on a life insurance business in Canada at any time in its last taxation year ending at or before the particular time and is a subsidiary of the life insurer;

“life insurance business” has the meaning assigned by section 1;

“life insurer” has the meaning assigned by section 1;

“long-term debt” of a life insurer or of a foreign insurance subsidiary means its subordinated indebtedness, within the meaning assigned by subsection 1 of section 2 of the Insurance Companies Act (Statutes of Canada, 1991, chapter 47), evidenced by obligations issued for a term of not less than five years;

“major investment project” has the meaning assigned by the first paragraph of section 737.18.14;

“province” has the meaning assigned by section 1;

“recognized business” has the meaning assigned by the first paragraph of section 737.18.14;

“reserves”, in respect of a life insurer for a taxation year, means the amount at the end of the year of all of the life insurer’s

(a)  reserves, provisions and allowances, other than those in respect of depreciation or depletion and those for losses, in respect of a contract of lease or of leasing, that a life insurer carrying lease or leasing activities cannot deduct in computing its income under Part I; and

(b)  deferred taxes or future taxes, depending on the method followed by the life insurer;

“salary or wages” has the meaning assigned by section 1;

“subsidiary” of a corporation, in this definition referred to as the “parent corporation”, means a corporation not less than 90% of the issued and outstanding shares of each class of the capital stock of which belong to

(a)  the parent corporation;

(b)  a corporation that is a subsidiary of the parent corporation; or

(c)  any combination of corporations each of which is a corporation described in paragraph a or b;

“Superintendent of Financial Institutions”, in respect of a life insurer, means

(a)  the Superintendent of Financial Institutions for Canada, where the life insurer is required to report to that person; and

(b)  where the life insurer is incorporated under the laws of a province, the superintendent of insurance or other similar agent or authority of that province, or the Autorité des marchés financiers, according to the person to whom the life insurer is required to report;

“taxation year” has the meaning assigned by Part I;

“total payroll” has the meaning assigned by the first paragraph of section 1166;

“total reserve liabilities” of an insurer at the end of a taxation year means the amount by which the aggregate amount of the insurer’s liabilities and reserves at the end of the year in respect of all its insurance policies, other than liabilities and reserves in respect of a segregated fund, within the meaning of subparagraph b of the first paragraph of section 835, as determined for the purposes of the Superintendent of Financial Institutions, exceeds the aggregate of all amounts each of which is a reinsurance recoverable within the meaning of section 818R53 of the Regulation respecting the Taxation Act (chapter I-3, r. 1) reported as a reinsurance asset by the insurer as at the end of the year relating to those liabilities or reserves.

1997, c. 14, s. 286; 1997, c. 31, s. 141; 1998, c. 16, s. 249; 2000, c. 39, s. 260; 2001, c. 53, s. 256; 2002, c. 9, s. 137; 2002, c. 45, s. 520; 2004, c. 37, s. 90; 2007, c. 12, s. 304; 2013, c. 10, s. 176.

2007-11-07

1175.1. In this Part,

“amount” has the meaning assigned by section 1;

“annual qualification certificate” has the meaning assigned by the first paragraph of section 737.18.14;

“Canadian reserve liabilities” has the meaning assigned by the regulations under section 818;

“carrying on business in Québec” has the meaning assigned by section 1166;

“eligibility period” has the meaning assigned by section 737.18.14;

“eligible activities” has the meaning assigned by the first paragraph of section 737.18.14;

“eligible employee” has the meaning assigned by section 1166;

“employee” has the meaning assigned by section 1;

“foreign insurance subsidiary” of a life insurer, at a particular time, means a corporation not resident in Canada that

(a)  carried on a life insurance business throughout its last taxation year ending at or before the particular time and did not carry on a life insurance business in Canada at any time in that taxation year; and

(b)  is at the particular time

i.  a subsidiary of the life insurer, and

ii.  not a subsidiary of any corporation that is resident in Canada, carried on a life insurance business in Canada at any time in its last taxation year ending at or before the particular time and is a subsidiary of the life insurer;

“life insurance business” has the meaning assigned by section 1;

“life insurer” has the meaning assigned by section 1;

“long-term debt” of a life insurer or of a foreign insurance subsidiary means its subordinated indebtedness, within the meaning assigned by subsection 1 of section 2 of the Insurance Companies Act (Statutes of Canada, 1991, chapter 47), evidenced by obligations issued for a term of not less than five years;

“major investment project” has the meaning assigned by the first paragraph of section 737.18.14;

“province” has the meaning assigned by section 1;

“recognized business” has the meaning assigned by the first paragraph of section 737.18.14;

“reserves”, in respect of a life insurer for a taxation year, means the amount at the end of the year of all of the life insurer’s

(a)  reserves, provisions and allowances, other than those in respect of depreciation or depletion and those for losses, in respect of a contract of lease or of leasing, that a life insurer carrying lease or leasing activities cannot deduct in computing its income under Part I; and

(b)  deferred taxes or future taxes, depending on the method followed by the life insurer;

“salary or wages” has the meaning assigned by section 1;

“subsidiary” of a corporation, in this definition referred to as the “parent corporation”, means a corporation not less than 90% of the issued and outstanding shares of each class of the capital stock of which belong to

(a)  the parent corporation;

(b)  a corporation that is a subsidiary of the parent corporation; or

(c)  any combination of corporations each of which is a corporation described in paragraph a or b;

“Superintendent of Financial Institutions”, in respect of a life insurer, means

(a)  the Superintendent of Financial Institutions for Canada, where the life insurer is required to report to that person; and

(b)  where the life insurer is incorporated under the laws of a province, the superintendent of insurance or other similar agent or authority of that province, or the Autorité des marchés financiers, according to the person to whom the life insurer is required to report;

“taxation year” has the meaning assigned by Part I;

“total payroll” has the meaning assigned by the first paragraph of section 1166;

“total reserve liabilities” of an insurer at the end of a taxation year means the aggregate amount of the insurer’s liabilities and reserves at the end of the year in respect of all its insurance policies, other than liabilities and reserves in respect of a segregated fund, as determined for the purposes of the Superintendent of Financial Institutions.

1997, c. 14, s. 286; 1997, c. 31, s. 141; 1998, c. 16, s. 249; 2000, c. 39, s. 260; 2001, c. 53, s. 256; 2002, c. 9, s. 137; 2002, c. 45, s. 520; 2004, c. 37, s. 90; 2007, c. 12, s. 304.

2006-03-01

1175.1. In this Part,

“amount” has the meaning assigned by section 1;

“annual qualification certificate” has the meaning assigned by the first paragraph of section 737.18.14;

“Canadian reserve liabilities” has the meaning assigned by the regulations under section 818;

“carrying on business in Québec” has the meaning assigned by section 1166;

“eligibility period” has the meaning assigned by section 737.18.14;

“eligible activities” has the meaning assigned by the first paragraph of section 737.18.14;

“eligible employee” has the meaning assigned by section 1166;

“employee” has the meaning assigned by section 1;

“foreign insurance subsidiary” of a life insurer, at a particular time, means a corporation not resident in Canada that

(a)  carried on a life insurance business throughout its last taxation year ending at or before the particular time and did not carry on a life insurance business in Canada at any time in that taxation year; and

(b)  is at the particular time

i.  a subsidiary of the life insurer, and

ii.  not a subsidiary of any corporation that is resident in Canada, carried on a life insurance business in Canada at any time in its last taxation year ending at or before the particular time and is a subsidiary of the life insurer;

“life insurance business” has the meaning assigned by section 1;

“life insurer” has the meaning assigned by section 1;

“long-term debt” of a life insurer or of a foreign insurance subsidiary means its subordinated indebtedness, within the meaning assigned by subsection 1 of section 2 of the Insurance Companies Act (Statutes of Canada, 1991, chapter 47), evidenced by obligations issued for a term of not less than five years;

“major investment project” has the meaning assigned by the first paragraph of section 737.18.14;

“Minister” means the Minister of Revenue;

“province” has the meaning assigned by section 1;

“recognized business” has the meaning assigned by the first paragraph of section 737.18.14;

“reserves”, in respect of a life insurer for a taxation year, means the amount at the end of the year of all of the life insurer’s

(a)  reserves, provisions and allowances, other than those in respect of depreciation or depletion and those for losses, in respect of a contract of lease or of leasing, that a life insurer carrying lease or leasing activities cannot deduct in computing its income under Part I; and

(b)  deferred taxes or future taxes, depending on the method followed by the life insurer;

“salary or wages” has the meaning assigned by section 1;

“subsidiary” of a corporation, in this definition referred to as the “parent corporation”, means a corporation not less than 90% of the issued and outstanding shares of each class of the capital stock of which belong to

(a)  the parent corporation;

(b)  a corporation that is a subsidiary of the parent corporation; or

(c)  any combination of corporations each of which is a corporation described in paragraph a or b;

“Superintendent of Financial Institutions”, in respect of a life insurer, means

(a)  the Superintendent of Financial Institutions for Canada, where the life insurer is required to report to that person; and

(b)  where the life insurer is incorporated under the laws of a province, the superintendent of insurance or other similar agent or authority of that province, or the Autorité des marchés financiers, according to the person to whom the life insurer is required to report;

“taxation year” has the meaning assigned by Part I;

“total payroll” has the meaning assigned by the first paragraph of section 1166;

“total reserve liabilities” of an insurer at the end of a taxation year means the aggregate amount of the insurer’s liabilities and reserves at the end of the year in respect of all its insurance policies, other than liabilities and reserves in respect of a segregated fund, as determined for the purposes of the Superintendent of Financial Institutions.

1997, c. 14, s. 286; 1997, c. 31, s. 141; 1998, c. 16, s. 249; 2000, c. 39, s. 260; 2001, c. 53, s. 256; 2002, c. 9, s. 137; 2002, c. 45, s. 520; 2004, c. 37, s. 90.