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I-3 - Taxation Act

Section 842
Disposition versions

Full text
842. Notwithstanding any other provision of this Act,
(a)  an insurer shall not make any deduction under section 140 in computing its income for a taxation year from an insurance business in Canada in respect of a premium or other consideration for a life insurance policy in Canada or an interest in such a policy;
(b)  an insurer not resident in Canada or a life insurer resident in Canada that carries on part of its insurance business for a taxation year outside Canada shall not make any deduction under section 160 or 163 in computing its income for a taxation year from carrying on an insurance business in Canada, except to the extent provided for in section 842.1.
1972, c. 23, s. 630; 1978, c. 26, s. 155; 1984, c. 15, s. 190; 1990, c. 59, s. 319.
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