I-3 - Taxation Act

Section 966.1 Disposition versions

2006-03-01

966.1. For the purposes of this Title and sections 92.11 to 92.19,

(a)  a policyholder who holds an interest in a life insurance policy since its issue is deemed to have acquired the interest on the later of the date on which the policy came into force and the date on which the application in respect of the policy signed by the policyholder was filed with the insurer;

(b)  except as otherwise provided, a policyholder is deemed not to have acquired or disposed of an interest in a life insurance policy, other than an annuity contract, as a result only of the exercise of any provision of the policy, other than a conversion of the policy into an annuity contract; and

(c)  where section 92.17 does not apply to an interest in a life insurance policy, other than an annuity contract, last acquired before 2 December 1982 that has been acquired by a taxpayer from a person with whom he was not dealing at arm’s length, the interest is deemed to have been last acquired by the taxpayer before 2 December 1982.

1984, c. 15, s. 223; 1986, c. 15, s. 152; 1991, c. 25, s. 159; 1993, c. 16, s. 313; 2001, c. 53, s. 206.