I-3 - Taxation Act

Section 736.1 Disposition versions

2017-12-07

736.1. (Repealed).

1978, c. 26, s. 128; 2017, c. 29, s. 114.

2006-03-01

736.1. For the purposes of this Title, where an insurer has made an election provided for in section 825 in respect of its taxation year 1975, its non-capital loss for each of its taxation years 1972 to 1976 is, up to the amount referred to in the second paragraph, deemed, for the purposes of computing the amount deductible as such in computing its taxable income for its taxation year 1977 and its subsequent taxation years, to have been deductible under this Title in computing its taxable income for a taxation year ending before 1977.

The amount referred to in the first paragraph is equal to the lesser of the prescribed amount and the portion of that loss, determined without taking account of this section, that would be deductible in computing the insurer’s taxable income for its taxation year 1977 if its income for that year were sufficient.

1978, c. 26, s. 128.