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

Regulations are current to 2015-05-11 and last amended on 2015-03-13. Previous Versions

Dual Residence

 Where an individual was resident in more than one province on the last day of the taxation year, for the purposes of this Part, he shall be deemed to have resided on that day only in that province which may reasonably be regarded as his principal place of residence.

Sift Trusts

 For the purposes of this Part, if the individual is a SIFT trust, a reference to income earned in a taxation year shall be read as a reference to the amount that would, if this Part were read without reference to this section, be the amount, if any, by which its income for the taxation year exceeds its taxable SIFT trust distributions for the taxation year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. 2007, c. 29, s. 31.

PART XXVIIGROUP TERM LIFE INSURANCE BENEFITS

Definitions & Interpretation

Definitions

  •  (1) The definitions in this subsection apply in this Part.

    “lump-sum premium”

    “lump-sum premium” in relation to a group term life insurance policy means a premium for insurance under the policy on the life of an individual where all or part of the premium is for insurance that is (or would be if the individual survived) in respect of a period that ends more than 13 months after the earlier of the day on which the premium becomes payable and the day on which it is paid. (prime globale)

    “paid-up premium”

    “paid-up premium” in relation to a group term life insurance policy means a premium for insurance under the policy on the life of an individual where the insurance is for the remainder of the lifetime of the individual and no further premiums will be payable for the insurance. (prime d’assurance libérée)

    “premium category”

    “premium category” in relation to term insurance provided under a group term life insurance policy means,

    • (a) where the premium rate applicable in respect of term insurance on the life of an individual depends on the group to which the individual belongs, any of the groups for which a premium rate is established, and

    • (b) in any other case, all individuals on whose lives term insurance is in effect under the policy,

    and, for the purpose of this definition, a single premium rate is deemed to apply for all term insurance under a policy in respect of periods in 1994, and where individuals are divided into separate groups solely on the basis of their age, sex, or both, the groups are deemed to be a single group for which a premium rate is established. (catégorie de primes)

    “term insurance”

    “term insurance” in relation to an individual and a group term life insurance policy means insurance under the policy on the life of the individual, other than insurance in respect of which a lump-sum premium has become payable or been paid. (assurance temporaire)

Accidental Death Insurance

  • (2) For greater certainty, a premium for insurance on the life of an individual does not include an amount for accidental death insurance.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/97-494, s. 1.