Versions of s. 138(12), definition “surplus funds derived from operations”

surplus funds derived from operations of an insurer as of the end of a particular taxation year means the amount determined by the formula(A + B + C) – (D + E + F + G) where A is the total of the insurer’s income for each taxation year in the period beginning with its 1969 taxation year and ending with the particular year from all insurance businesses carried on by it, B is the total of all amounts each of which is a portion of a non-capital loss that was deemed by subsection 111(7.1) as it read in its application to the 1976 taxation year to have been deductible in computing the insurer’s income for a taxation year that ended before 1977, C is the total of all profits or gains made by the insurer in the period in respect of non-segregated property of the insurer disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those profits or gains have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, D is the total of its loss, if any, for each taxation year in the period from all insurance businesses carried on by it, E is the total of all losses sustained by the insurer in the period in respect of non-segregated property disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those losses have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, F is the total of all taxes payable under this Part by the insurer, and all income taxes payable by it under the laws of each province, for each taxation year in the period, except such portion thereof as would not have been payable by it if subsection 138(7) had not been enacted, and all taxes payable under Parts I.3 and VI by the insurer for each taxation year in the period, and G is the total of all gifts made in the period by the insurer to a qualified donee;

surplus funds derived from operations of an insurer as of the end of a particular taxation year means the amount determined by the formula(A + B + C) - (D + E + F + G + H) where A is the total of the insurer’s income for each taxation year in the period beginning with its 1969 taxation year and ending with the particular year from all insurance businesses carried on by it, B is the total described in subclause 138(4.1)(a)(ii)(B)(IV), and C is the total of all profits or gains made by the insurer in the period in respect of non-segregated property of the insurer disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those profits or gains have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, D is the total of its loss, if any, for each taxation year in the period from all insurance businesses carried on by it, E is the total of all losses sustained by the insurer in the period in respect of non-segregated property disposed of by it that was used by it in, or held by it in the course of, carrying on an insurance business in Canada, except to the extent that those losses have been or are included in computing the insurer’s income or loss, if any, for any taxation year in the period from carrying on an insurance business, F is the total of all taxes payable under this Part by the insurer, and all income taxes payable by it under the laws of each province, for each taxation year in the period, except such portion thereof as would not have been payable by it if subsection 138(7) had not been enacted, and all taxes payable under Parts I.3 and VI by the insurer for each taxation year in the period, G is the total of all gifts made in the period by the insurer to a qualified donee, and H is the amount determined by the formula M - N where M is the amount determined in respect of the insurer for the particular taxation year under clause 138(3)(a)(iii)(A), and N is the amount so determined under clause 138(3)(a)(iii)(B);