I-3 - Taxation Act

Section 191.1 Disposition versions

2006-03-01

191.1. A bank shall include in computing its income for its first taxation year that commences after 17 June 1987 and ends after 31 December 1987, referred to in sections 191.2 and 191.3 as the “first year”, the aggregate of

(a)  all the specific provisions of the bank at the end of its preceding taxation year, as determined, or as would have been determined if such a determination had been required, under the Minister’s rules,

(b)  all general provisions of the bank at the end of its preceding taxation year, as determined, or as would have been determined if such a determination had been required, under the Minister’s rules,

(c)  the amount by which

i.  the amount of the special provision for losses on transborder claims of the bank, as determined, or as would have been determined if such a determination had been required, under the Minister’s rules, that was deductible under section 191 in computing its income for its preceding taxation year, exceeds

ii.  that part of the amount determined under subparagraph i that was a realized loss of the bank for its preceding taxation year, and

(d)  the amount of the tax allowable appropriations account of the bank at the end of its preceding taxation year, as determined, or as would have been determined if such a determination had been required, under the Minister’s rules.

1990, c. 59, s. 106.