Versions of s. 138(26)(a)

I-3.3 — Income Tax Act · 2 versions

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

2017-12-14 to 2023-01-01 View Source

if the application of one or more of those subsections is in respect of the amendment to paragraph 1406(b) of the Income Tax Regulations effective as of the life insurer’s 2012 taxation year, the life insurer’s reserve transition amount for its transition year in respect of that amendment is to be determined as though the description of A in the definition reserve transition amount in subsection (12) read as follows: A is the maximum amount that the life insurer would be permitted to claim under subparagraph (3)(a)(i) (and that would be prescribed by section 1404 of the Income Tax Regulations for the purposes of subparagraph (3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if paragraph 1406(b) of the Income Tax Regulations were read as it applies to the life insurer’s 2012 taxation year, and;

Full text

if the application of one or more of those subsections is in respect of the amendment to paragraph 1406(b) of the Income Tax Regulations effective as of the life insurer’s 2012 taxation year, the life insurer’s reserve transition amount for its transition year in respect of that amendment is to be determined as though the description of A in the definition reserve transition amount in subsection (12) read as follows: A is the maximum amount that the life insurer would be permitted to claim under subparagraph (3)(a)(i) (and that would be prescribed by section 1404 of the Income Tax Regulations for the purposes of subparagraph (3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if paragraph 1406(b) of the Income Tax Regulations were read as it applies to the life insurer’s 2012 taxation year, and;
2013-06-26 to 2017-12-14 View Source

if the application of one or more of those subsections is in respect of the amendment to paragraph 1406(b) of the Income Tax Regulations effective as of the life insurer’s 2012 taxation year, the life insurer’s reserve transition amount for its transition year in respect of that amendment is to be determined as though the description of A in the definition reserve transition amount in subsection (12) read as follows: A is the maximum amount that the life insurer would be permitted to claim under subparagraph (3)(a)(i) (and that would be prescribed by section 1404 of the Income Tax Regulations for the purposes of subparagraph (3)(a)(i)) as a policy reserve for its base year in respect of its life insurance policies in Canada if paragraph 1406(b) of the Income Tax Regulations were read as it applies to the life insurer’s 2012 taxation year, and;