I-3 - Taxation Act

Section 450.2.1 Disposition versions

2017-02-08

450.2.1. For the purposes of sections 436, 439, 439.1 and 653, the fair market value at a particular time of any property deemed to have been disposed of at that time because of a particular individual’s death is to be determined as though the fair market value at that time of any annuity contract were equal to the aggregate of all amounts each of which is the amount of a premium paid at or before that time under the contract if

(a)  the contract is, in respect of a leveraged insured annuity policy, a contract referred to in subparagraph ii of paragraph b of the definition of “leveraged insured annuity policy” in section 1; and

(b)  the particular individual is the individual, in respect of the leveraged insured annuity policy, referred to in subparagraph ii of paragraph b of the definition of “leveraged insured annuity policy” in section 1.

2017, c. 1, s. 119.