I-3 - Taxation Act

Section 175.2.19 Disposition versions

2010-10-27

175.2.19. If at any time an insurer ceases (otherwise than as a result of an amalgamation within the meaning of subsections 1 and 2 of section 544) to carry on all or substantially all of an insurance business (in this section referred to as the “discontinued business”), and neither section 92.26 nor 92.27 applies, there must be deducted in computing the insurer’s income from the discontinued business for the insurer’s taxation year that includes the time that is immediately before that time, the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount included under section 92.24 in computing the insurer’s income from the discontinued business for its transition year; and

(b)  B is the aggregate of all amounts each of which is an amount deducted under section 175.2.18 in computing the insurer’s income from the discontinued business for a taxation year that began before that time.

2010, c. 25, s. 20.