I-3 - Taxation Act

Section 832.16 Disposition versions

2006-03-01

832.16. Where the payment of a policy dividend by an insurance corporation is a taxable conversion benefit, the following rules apply:

(a)  for the purposes of this Part, other than sections 832.11 to 832.25, the policy dividend is deemed not to be a policy dividend; and

(b)  no amount in respect of the policy dividend may be included, either explicitly or implicitly, in the calculation of an amount deductible by the insurer for any taxation year under the second paragraph of section 152 or sections 840 and 841.

2001, c. 53, s. 167.