I-3 - Taxation Act

Section 835.3 Disposition versions

2023-09-26

835.3. For the purposes of this chapter, Chapter IV, Chapter IV of Title XVI of the Regulation respecting the Taxation Act (chapter I-3, r. 1) and Title XXXII of that Regulation, a reference to an amount that is reported, or that would be reported, of an insurer as at the end of a taxation year means

(a)  where the insurer is the Canada Mortgage and Housing Corporation or a foreign affiliate of a taxpayer resident in Canada, an amount that is reported, or that would be reported, in the insurer’s financial statements for the year if those financial statements were prepared in accordance with International Financial Reporting Standards;

(b)  where the insurer is required to report to the Superintendent of Financial Institutions at the end of the year and paragraph a does not apply to the insurer, an amount that is reported, or that would be reported, in the insurer’s non-consolidated balance sheet for the year accepted by the Superintendent of Financial Institutions;

(c)  where the insurer is, throughout the year, subject to the supervision of the Superintendent of Financial Institutions and paragraphs a and b do not apply to the insurer, an amount that is reported, or that would be reported, in a non-consolidated balance sheet for the year that is prepared in a manner consistent with the requirements that would have applied had the insurer been required to report to the Superintendent of Financial Institutions at the end of the year; or

(d)  in any other case, nil.

2023, c. 19, s. 69.