Versions of s. 148(9), definition “proceeds of the disposition”, para (a)

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.

2017-12-14 to present available View Source

in respect of a surrender or maturity thereof, means the amount determined by the formula(A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is an amount by which the amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, a premium under the policy that is due but unpaid at that time, or an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy,

Full text

in respect of a surrender or maturity thereof, means the amount determined by the formula(A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is an amount by which the amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, a premium under the policy that is due but unpaid at that time, or an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy,
2014-12-16 to 2017-12-14 View Source

in respect of a surrender or maturity thereof, means the amount determined by the formula(A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is an amount ~~payable~~by ~~at that time by~~which the ~~policyholder~~amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, a premium under the policy that is due but unpaid at that time, or an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy,

Full text

in respect of a surrender or maturity thereof, means the amount determined by the formula(A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is an amount by which the amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, a premium under the policy that is due but unpaid at that time, or an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy,
2004-08-31 to 2014-12-16 View Source

in respect of a surrender or maturity thereof, means the amount determined by the formula(A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is an amount payable at that time by the policyholder in respect of a policy loan in respect of the policy, a premium under the policy that is due but unpaid at that time, or an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy,