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Versions of s. 270(1), definition “excluded account”, para (c)(iii)

I-3.3 — Income Tax Act · 1 version · View current text

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

  1. 2017-07-01 to present available View Source

    the amount (other than a death benefit) payable upon cancellation or termination of the contract must not exceed the amount determined by the formula A − (B + C) where A is the aggregate premiums paid for the contract, B is the total of all mortality, morbidity and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence, and C is the total of all amounts paid prior to the cancellation or termination of the contract, and