I-3 - Taxation Act

Section 832.0.1 Disposition versions

2006-03-01

832.0.1. An insurer shall include in computing its income derived from the carrying on of an insurance business for its first taxation year that commences after 17 June 1987 and ends after 31 December 1987, in this section referred to as its “taxation year 1988”, the amount by which

(a)  the aggregate of all amounts each of which is an amount deducted by the corporation in computing its income for a taxation year ending before its taxation year 1988, pursuant to subparagraph c of the second paragraph of section 832 or pursuant to that paragraph by reason of paragraph b of section 841 as such paragraph b read in respect of that taxation year ending before its taxation year 1988, in respect of any amount credited to the account of the policyholder on terms that he is entitled to payment thereof on or before the expiry or termination of the policy, exceeds

(b)  the aggregate of all amounts each of which is an amount paid or unconditionally credited to a policyholder or applied in discharge, in whole or in part, of a liability of the policyholder to pay premiums to the insurer before the insurer’s taxation year 1988 in respect of the amounts credited to the account of the policyholder referred to in paragraph a.

1990, c. 59, s. 310; 1996, c. 39, s. 273; 1997, c. 3, s. 71.