Income Tax Act

Marginal note:Definitions

• 190 (1) For the purposes of this Part,

  contractual service margin

  contractual service margin for a group of insurance contracts of an insurer, or a group of reinsurance contracts held by the insurer, at the end of a taxation year, has the same meaning as in subsection 138(12); (marge sur services contractuels)

  financial institution

  financial institution means a corporation that

  • (a) is a bank,

  • (b) is authorized under the laws of Canada or a province to carry on the business of offering its services as a trustee to the public,

  • (c) is authorized under the laws of Canada or a province to accept deposits from the public and carries on the business of lending money on the security of real property or immovables or investing in indebtedness on the security of mortgages on real property or of hypothecs on immovables,

  • (d) is a life insurance corporation that carries on business in Canada, or

  • (e) is a corporation all or substantially all of the assets of which are shares or indebtedness of corporations described in any of paragraphs (a) to (d) or this paragraph to which the corporation is related; (institution financière)

  group of insurance contracts

  group of insurance contracts of an insurer has the same meaning as in subsection 138(12); (groupe de contrats d’assurance)

  group of reinsurance contracts

  group of reinsurance contracts held by an insurer has the same meaning as in subsection 138(12); (groupe de contrats de réassurance)

  group of segregated fund policies

  group of segregated fund policies of an insurer has the same meaning as in subsection 138(12); (groupe de polices à fonds réservé)

  long-term debt

  long-term debt means

  • (a) in the case of a bank, its subordinated indebtedness (within the meaning assigned by section 2 of the Bank Act) evidenced by obligations issued for a term of not less than 5 years,

  • (b) in the case of an insurance corporation, its subordinated indebtedness (within the meaning assigned by section 2 of the Insurance Companies Act) evidenced by obligations issued for a term of not less than 5 years, and

  • (c) in the case of any other corporation, its subordinated indebtedness (within the meaning that would be assigned by section 2 of the Bank Act if the definition of that expression in that section were applied with such modifications as the circumstances require) evidenced by obligations issued for a term of not less than 5 years; (passif à long terme)

  policyholders’ liabilities

  policyholders’ liabilities of an insurer at the end of a taxation year has the same meaning as in subsection 138(12); (obligation envers les titulaires de polices)

  reserves

  reserves, in respect of a financial institution for a taxation year, means the amount at the end of the year of all of the institution’s reserves, provisions and allowances (other than allowances in respect of depreciation or depletion) and, for greater certainty, includes any provision in respect of deferred taxes. (réserves)

• Marginal note:Prescribed meanings

  (1.1) For the purposes of this Part, the expressions attributed surplus, Canadian assets, Canadian reserve liabilities, total assets and total reserve liabilities have the meanings that are prescribed.

• Marginal note:Application of ss. 181(3) and (4)

  (2) Subsections 181(3) and 181(4) apply to this Part with such modifications as the circumstances require.