Versions of s. 149(4.1)

Subject to subsection 149(4.2), subsection 149(1) applies to an insurer described in paragraph 149(1)(t) only in respect of the part of its taxable income for a taxation year determined by the formula(A × B × C) / D where A is its taxable income for the year; B is 1/2, where less than 25% of the total of the gross premium income (net of reinsurance ceded) earned in the year by it and, where it is not a prescribed insurer for the purpose of paragraph 149(1)(t), by all other insurers that are specified shareholders of the insurer, are related to the insurer, or where the insurer is a mutual corporation, are part of a group that controls, directly or indirectly in any manner whatever, or are controlled, directly or indirectly in any manner whatever by, the insurer, is in respect of insurance of property used in farming or fishing or residences of farmers or fishermen; and 1 in any other case; C is the part of the gross premium income (net of reinsurance ceded) earned by it in the year that, in the opinion of the Minister, on the advice of the Superintendent of Financial Institutions or of the superintendent of insurance of the province under the laws of which it is incorporated, is in respect of insurance of property used in farming or fishing or residences of farmers or fishermen; and D is the gross premium income (net of reinsurance ceded) earned by it in the year.