I-3 - Taxation Act

Section 999.0.1 Disposition versions

2019-06-19

999.0.1. (Repealed).

1990, c. 59, s. 337; 1993, c. 16, s. 322; 1998, c. 16, s. 218; 2002, c. 45, s. 520; 2004, c. 37, s. 90; 2019, c. 14, s. 293.

2006-03-01

999.0.1. Subject to section 999.0.2, section 980 applies in respect of an insurer described in paragraph k of section 998 only to the part of its taxable income for a taxation year determined by the formula

(A × B × C) / D.

In the formula provided for in the first paragraph,

(a)  A is the taxable income of the insurer for the year;

(b)  B is

i.  1/2, where less than 25% of the total of the gross premium income earned for the year by the insurer and, where the insurer is not a prescribed insurer for the purposes of paragraph k of section 998, by all other persons described in section 999.0.3 is in respect of insurance referred to in that paragraph k, or

ii.  1 in any other case;

(c)  C is the part of the gross premium income earned by the insurer for the year that, in the opinion of the Minister, on the advice of the Superintendent of Financial Institutions for Canada or, where the insurer is incorporated under the laws of a province, of the superintendent of insurance of that province or the Autorité des marchés financiers, is in respect of insurance referred to in paragraph k of section 998; and

(d)  D is the gross premium income earned by the insurer for the year.

1990, c. 59, s. 337; 1993, c. 16, s. 322; 1998, c. 16, s. 218; 2002, c. 45, s. 520; 2004, c. 37, s. 90.