Versions of s. 138(12), definition “reserve transition amount”

I-3.3 — Income 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.

2023-01-01 to present available View Source

reserve transition amount of ~~a life~~an insurer, in respect of ~~a life~~an insurance business carried on by it in ~~Canada in~~ its transition year, ismeans the positive or negative amount determined by the formula A –+ B − C − D − E − F + G + H where A is the maximum amount that the ~~life~~ insurer would be permitted to claim under subparagraph ~~138(3)(a)(i) (and that would be prescribed by section 1404 of the Regulations for the purpose of subparagraph 138(3)(a)(i)) as a policy reserve~~(3)(a)(i) for its base year in respect of a policy reserve for its groups of life insurance ~~policies~~contracts in Canada at the end of the base year if the ~~generally~~International ~~accepted~~Financial ~~accounting~~Reporting ~~principles~~Standards that applied to the ~~life~~ insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and ~~section~~sections 1404 and 1406 of the Income Tax Regulations were read in respect of the ~~life~~ insurer’s base year as itthey ~~reads~~read in respect of its transition year, ~~and~~ B is the maximum amount that the ~~life~~insurer would be permitted to claim under paragraph 20(7)(c) for its base year in respect of a policy reserve for its groups of insurance contracts at the end of the base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, C is the maximum amount that the insurer is permitted to claim under ~~subparagraph~~subparagraphs ~~138(3)(a)(i)~~(3)(a)(i) and (ii) (as they read in their application to taxation years that begin before 2023) as a policy reserve for its base year, D is the maximum amount that the insurer is permitted to claim under paragraph 20(7)(c) as a policy reserve for its base year, E is the amount that would be included under paragraph (4)(b) in computing the insurer’s income for its base year in respect of its groups of life insurance contracts in Canada at the end of the base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1404 and 1406 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, F is the amount that would be included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, G is the amount included under paragraph (4)(b) (as it read in its application to taxation years that begin before 2023) in computing the insurer’s income for its base year in respect of its life insurance policies, and H is the amount included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year; (montant transitoire)

Full text

reserve transition amount of an insurer, in respect of an insurance business carried on by it in its transition year, means the positive or negative amount determined by the formula A + B − C − D − E − F + G + H where A is the maximum amount that the insurer would be permitted to claim under subparagraph (3)(a)(i) for its base year in respect of a policy reserve for its groups of life insurance contracts in Canada at the end of the base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1404 and 1406 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, B is the maximum amount that the insurer would be permitted to claim under paragraph 20(7)(c) for its base year in respect of a policy reserve for its groups of insurance contracts at the end of the base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, C is the maximum amount that the insurer is permitted to claim under subparagraphs (3)(a)(i) and (ii) (as they read in their application to taxation years that begin before 2023) as a policy reserve for its base year, D is the maximum amount that the insurer is permitted to claim under paragraph 20(7)(c) as a policy reserve for its base year, E is the amount that would be included under paragraph (4)(b) in computing the insurer’s income for its base year in respect of its groups of life insurance contracts in Canada at the end of the base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1404 and 1406 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, F is the amount that would be included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year if the International Financial Reporting Standards that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and sections 1400 and 1402 of the Income Tax Regulations were read in respect of the insurer’s base year as they read in respect of its transition year, G is the amount included under paragraph (4)(b) (as it read in its application to taxation years that begin before 2023) in computing the insurer’s income for its base year in respect of its life insurance policies, and H is the amount included under paragraph 12(1)(e.1) in computing the insurer’s income for its base year; (montant transitoire)
2017-12-14 to 2023-01-01 View Source

reserve transition amount of a life insurer, in respect of a life insurance business carried on by it in Canada in its transition year, is the positive or negative amount determined by the formula A – B where A is the maximum amount that the life insurer would be permitted to claim under subparagraph 138(3)(a)(i) (and that would be prescribed by section 1404 of the Regulations for the purpose of subparagraph 138(3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if the generally accepted accounting principles that applied to the life insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and section 1404 of the Regulations were read in respect of the life insurer’s base year as it reads in respect of its transition year, and B is the maximum amount that the life insurer is permitted to claim under subparagraph 138(3)(a)(i) as a policy reserve for its base year; (montant transitoire)

Full text

reserve transition amount of a life insurer, in respect of a life insurance business carried on by it in Canada in its transition year, is the positive or negative amount determined by the formula A – B where A is the maximum amount that the life insurer would be permitted to claim under subparagraph 138(3)(a)(i) (and that would be prescribed by section 1404 of the Regulations for the purpose of subparagraph 138(3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if the generally accepted accounting principles that applied to the life insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and section 1404 of the Regulations were read in respect of the life insurer’s base year as it reads in respect of its transition year, and B is the maximum amount that the life insurer is permitted to claim under subparagraph 138(3)(a)(i) as a policy reserve for its base year; (montant transitoire)
2009-03-12 to 2017-12-14 View Source

reserve transition amount of a life insurer, in respect of a life insurance business carried on by it in Canada in its transition year, is the positive or negative amount determined by the formula A – B where A is the maximum amount that the life insurer would be permitted to claim under subparagraph 138(3)(a)(i) (and that would be prescribed by section 1404 of the Regulations for the purpose of subparagraph 138(3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if the generally accepted accounting principles that applied to the life insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and section 1404 of the Regulations were read in respect of the life insurer’s base year as it reads in respect of its transition year, and B is the maximum amount that the life insurer is permitted to claim under subparagraph 138(3)(a)(i) as a policy reserve for its base year;