Versions of s. 217, definition “external charge”

E-15 — Excise Tax Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-15 to present available View Source

external charge for a specified year of a qualifying taxpayer in respect of an outlay or expense described in any of paragraphs 217.1(2)(a) to (c) means the amount in respect of the outlay or expense determined by the formula A – B where A is the amount of the outlay or expense that is allowed as a deduction, an allowance or an allocation for a reserve under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year, or would be so allowed if the qualifying taxpayer’s income were computed in accordance with that Act, the qualifying taxpayer carried on a business in Canada, and that Act applied to the qualifying taxpayer, and may reasonably be regarded as being applicable to a Canadian activity of the qualifying taxpayer; and B is the total of all amounts, each of which is included in the amount determined under the description of A and is a permitted deduction for the specified year or a preceding specified year of the qualifying taxpayer, other than a returned commission included in paragraph (b), or if a particular amount, included in the amount determined under the description of A, is any part of the value of the consideration for a supply made to the qualifying taxpayer of a financial service that includes the issuance, renewal, variation or transfer of ownership of a policy of reinsurance in respect of one or more particular insurance policies issued by the qualifying taxpayer, an amount (in this description referred to as a returned commission) included in the particular amount that is attributable to expenses incurred exclusively in Canada by the qualifying taxpayer to issue and administer the particular insurance policies, is returned to the qualifying taxpayer as a ceding commission in respect of the particular insurance policies, and is required to be included under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year or for another specified year of the qualifying taxpayer, or would be so required to be included if the conditions set out in subparagraphs (a)(i) to (iii) of the description of A applied to the qualifying taxpayer. (frais externes)

Full text

external charge for a specified year of a qualifying taxpayer in respect of an outlay or expense described in any of paragraphs 217.1(2)(a) to (c) means the amount in respect of the outlay or expense determined by the formula A – B where A is the amount of the outlay or expense that is allowed as a deduction, an allowance or an allocation for a reserve under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year, or would be so allowed if the qualifying taxpayer’s income were computed in accordance with that Act, the qualifying taxpayer carried on a business in Canada, and that Act applied to the qualifying taxpayer, and may reasonably be regarded as being applicable to a Canadian activity of the qualifying taxpayer; and B is the total of all amounts, each of which is included in the amount determined under the description of A and is a permitted deduction for the specified year or a preceding specified year of the qualifying taxpayer, other than a returned commission included in paragraph (b), or if a particular amount, included in the amount determined under the description of A, is any part of the value of the consideration for a supply made to the qualifying taxpayer of a financial service that includes the issuance, renewal, variation or transfer of ownership of a policy of reinsurance in respect of one or more particular insurance policies issued by the qualifying taxpayer, an amount (in this description referred to as a returned commission) included in the particular amount that is attributable to expenses incurred exclusively in Canada by the qualifying taxpayer to issue and administer the particular insurance policies, is returned to the qualifying taxpayer as a ceding commission in respect of the particular insurance policies, and is required to be included under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year or for another specified year of the qualifying taxpayer, or would be so required to be included if the conditions set out in subparagraphs (a)(i) to (iii) of the description of A applied to the qualifying taxpayer. (frais externes)
2016-06-22 to 2017-12-15 View Source

external charge for a specified year of a qualifying taxpayer in respect of an outlay or expense described in any of paragraphs 217.1(2)(a) to (c) means the amount in respect of the outlay or expense determined by the formula A – B where A is the amount of the outlay or expense that is allowed as a deduction, an allowance or an allocation for a reserve under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year, or would be so allowed if the qualifying taxpayer’s income were computed in accordance with that Act, the qualifying taxpayer carried on a business in Canada, and that Act applied to the qualifying taxpayer, and may reasonably be regarded as being applicable to a Canadian activity of the qualifying taxpayer; and B is the total of all amounts, each of which is included in the amount determined under the description of A and is a permitted deduction for the specified year or a preceding specified year of the qualifying taxpayer, other than a returned commission included in paragraph (b), or if a particular amount, included in the amount determined under the description of A, is any part of the value of the consideration for a supply made to the qualifying taxpayer of a financial service that includes the issuance, renewal, variation or transfer of ownership of a policy of reinsurance in respect of one or more particular insurance policies issued by the qualifying taxpayer, an amount (in this description referred to as a returned commission) included in the particular amount that is attributable to expenses incurred exclusively in Canada by the qualifying taxpayer to issue and administer the particular insurance policies, is returned to the qualifying taxpayer as a ceding commission in respect of the particular insurance policies, and is required to be included under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year or for another specified year of the qualifying taxpayer, or would be so required to be included if the conditions set out in subparagraphs (a)(i) to (iii) of the description of A applied to the qualifying taxpayer. (frais externes)

Full text

external charge for a specified year of a qualifying taxpayer in respect of an outlay or expense described in any of paragraphs 217.1(2)(a) to (c) means the amount in respect of the outlay or expense determined by the formula A – B where A is the amount of the outlay or expense that is allowed as a deduction, an allowance or an allocation for a reserve under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year, or would be so allowed if the qualifying taxpayer’s income were computed in accordance with that Act, the qualifying taxpayer carried on a business in Canada, and that Act applied to the qualifying taxpayer, and may reasonably be regarded as being applicable to a Canadian activity of the qualifying taxpayer; and B is the total of all amounts, each of which is included in the amount determined under the description of A and is a permitted deduction for the specified year or a preceding specified year of the qualifying taxpayer, other than a returned commission included in paragraph (b), or if a particular amount, included in the amount determined under the description of A, is any part of the value of the consideration for a supply made to the qualifying taxpayer of a financial service that includes the issuance, renewal, variation or transfer of ownership of a policy of reinsurance in respect of one or more particular insurance policies issued by the qualifying taxpayer, an amount (in this description referred to as a returned commission) included in the particular amount that is attributable to expenses incurred exclusively in Canada by the qualifying taxpayer to issue and administer the particular insurance policies, is returned to the qualifying taxpayer as a ceding commission in respect of the particular insurance policies, and is required to be included under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year or for another specified year of the qualifying taxpayer, or would be so required to be included if the conditions set out in subparagraphs (a)(i) to (iii) of the description of A applied to the qualifying taxpayer. (frais externes)
2010-07-12 to 2016-06-22 View Source

external charge for a specified year of a qualifying taxpayer in respect of an outlay or expense described in any of paragraphs 217.1(2)(a) to (c) means the amount in respect of the outlay or expense determined by the formula A – B where A is the amount of the outlay or expense that is allowed as a deduction, an allowance or an allocation for a reserve under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year, or would be so allowed if the qualifying taxpayer’s income were computed in accordance with that Act, the qualifying taxpayer carried on a business in Canada, and that Act applied to the qualifying taxpayer, and may reasonably be regarded as being applicable to a Canadian activity of the qualifying taxpayer; and B is the total of all amounts, each of which is included in the amount determined under the description of A and is a permitted deduction for the specified year or a preceding specified year of the qualifying taxpayer.