Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2014-12-22 and last amended on 2014-12-16. Previous Versions

 [Repealed, SOR/2005-264, s. 30]

Association of Benefits with Time Periods

 Where, for the purposes of Part LXXXIII or this Part or subsection 147.1(10) of the Act, it is necessary to associate benefits provided under a defined benefit provision of a pension plan with periods of time, the association shall be made in a manner acceptable to the Minister.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7.

Minister’s Actions

 For the purposes of this Part, a waiver, extension of time or other modification of the requirements of this Part granted by the Minister or an approval by the Minister in respect of any matter is not effective unless it is in writing and expressly refers to the requirement that is modified or the matter in respect of which the approval is given.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7.

PART LXXXVITAXABLE CAPITAL EMPLOYED IN CANADA

 For the purposes of this Part and Part I.3 of the Act,

“attributed surplus”

“attributed surplus” of a non-resident insurer for a taxation year has the meaning assigned by subsection 2400(1); (surplus attribué)

“Canadian assets”

“Canadian assets” of a corporation that is a financial institution (as defined in subsection 181(1) of the Act) at any time in a taxation year means, in respect of the year, the amount, if any, by which

  • (a) the total of all amounts each of which is the amount at which an asset of the corporation (which asset is required, or, if the corporation were a bank to which the Bank Act applied, would be required, to be reflected in a return under subsection 223(1) of the Bank Act, as that Act read on May 31, 1992, if that return were prepared on a non-consolidated basis) would be shown on the corporation’s balance sheet at the end of the year if its balance sheet were prepared on a non-consolidated basis

exceeds

  • (b) the investment allowance of the corporation for the year determined under subsection 181.3(4) of the Act; (actif canadien)

  • (c[Repealed, 2013, c. 33, s. 38]

“Canadian premiums”

“Canadian premiums” for a taxation year, in respect of an insurance corporation that was resident in Canada at any time in the year and throughout the year did not carry on a life insurance business, means the total of the insurance corporation’s net premiums for the year

  • (a) in respect of insurance on property situated in Canada, and

  • (b) in respect of insurance, other than on property, from contracts with persons resident in Canada,

and, for the purposes of this definition, “net premiums” has the same meaning as in subsection 403(2), and subsection 403(3) applies as if the references therein to “province” were read as references to “country”; (primes canadiennes)

“Canadian reserve liabilities”

“Canadian reserve liabilities” of an insurer as at the end of a taxation year has the meaning assigned by subsection 2400(1); ((passif de réserve canadienne))

“permanent establishment”

“permanent establishment” has the same meaning as in subsection 400(2); (établissement stable)

“total assets”

“total assets” of a corporation that is a financial institution (as defined in subsection 181(1) of the Act) at any time in a taxation year means, in respect of that year, the amount, if any, by which

  • (a) the total of all amounts each of which is the amount at which an asset of the corporation would be shown on the corporation’s balance sheet at the end of the year if its balance sheet were prepared on a non-consolidated basis

exceeds

  • (b) the investment allowance of the corporation for the year determined under subsection 181.3(4) of the Act; (actif total)

“total premiums”

“total premiums” for a taxation year, in respect of an insurance corporation that was resident in Canada at any time in the year and throughout the year did not carry on a life insurance business, means the total of the corporation’s net premiums for the year (as defined in subsection 403(2)) that are included in computing its income under Part I of the Act; (total des primes)

“total reserve liabilities”

“total reserve liabilities” of an insurer as at the end of a taxation year means the amount determined by the formula

A – B

where

A 
is the total amount as at the end of the year of the insurer’s liabilities and reserves (other than liabilities and reserves in respect of a segregated fund within the meaning assigned by subsection 138(12) of the Act) in respect of all its insurance policies, as determined for the purposes of the Superintendent of Financial Institutions, if the insurer is required by law to report to the Superintendent of Financial Institutions, or, in any other case, the superintendent of insurance or other similar officer or authority of the province under the laws of which the insurer is incorporated, and
B 
is the total of the reinsurance recoverable (within the meaning assigned by subsection 2400(1)) reported as a reinsurance asset by the insurer as at the end of the year relating to its liabilities and reserves in A. (passif total de réserve)
  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/94-298, s. 2;
  • SOR/94-686, ss. 57(F), 79(F);
  • SOR/2000-413, s. 8;
  • 2010, c. 25, s. 86;
  • 2013, c. 33, s. 38.