I-3 - Taxation Act

Section 209.0.1 Disposition versions

2006-03-01

209.0.1. In computing the income of a taxpayer for a taxation year ending after 31 December 1990 from a business carried on by the taxpayer throughout the year as an insurance agent or broker, there may be deducted as an additional reserve in respect of unearned commissions an amount not exceeding

(a)  where the year ends in 1991, 90%,

(b)  where the year ends in 1992, 80%,

(c)  where the year ends in 1993, 70%,

(d)  where the year ends in 1994, 60%,

(e)  where the year ends in 1995, 50%,

(f)  where the year ends in 1996, 40%,

(g)  where the year ends in 1997, 30%,

(h)  where the year ends in 1998, 20%,

(i)  where the year ends in 1999, 10%, and

(j)  where the year ends after 31 December 1999, 0%

of the amount by which the reserve that was deducted by the taxpayer under section 208 for the taxpayer’s last taxation year ending before 1 January 1991 exceeds the amount deductible by the taxpayer under section 208 for the taxpayer’s first taxation year ending after 31 December 1990.

For the purposes of section 209, any amount deducted by the taxpayer under the first paragraph for a taxation year is deemed to have been deducted for that year pursuant to section 208.

1993, c. 16, s. 104; 1994, c. 22, s. 120.