Income Tax Act

Version of section 190.11 from 2009-03-12 to 2017-11-20:

Marginal note:Taxable capital employed in Canada

 For the purposes of this Part, the taxable capital employed in Canada of a financial institution for a taxation year is,

  • (a) in the case of a financial institution other than a life insurance corporation, that proportion of its taxable capital for the year that its Canadian assets at the end of the year is of its total assets at the end of the year;

  • (b) in the case of a life insurance corporation that was resident in Canada at any time in the year, the total of

    • (i) that proportion of the amount, if any, by which the total of

      • (A) its taxable capital for the year, and

      • (B) the amount prescribed for the year in respect of the corporation

      exceeds

      • (C) the amount prescribed for the year in respect of the corporation

      that its Canadian reserve liabilities as at the end of the year is of the total of

      • (D) its total reserve liabilities as at the end of the year, and

      • (E) the amount prescribed for the year in respect of the corporation; and

    • (ii) [Repealed, 2009, c. 2, s. 63]

  • (c) in the case of a life insurance corporation that was non-resident throughout the year, its taxable capital for the year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 190.11;
  • 1994, c. 7, Sch. II, s. 158, c. 21, s. 88;
  • 2009, c. 2, s. 63.
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