Income Tax Regulations

8603 For the purposes of Part VI of the Act,

• (a) Canadian assets of a corporation that is a financial institution (as defined in subsection 190(1) of the Act) at any time in a taxation year means, in respect of that year, the amount that would be determined under the definition Canadian assets in section 8600 in respect of the corporation for the year if the reference in that definition to “subsection 181(1)” were read as a reference to “subsection 190(1)” and paragraph (b) of that definition were read as follows:

  • “(b) the total determined under section 190.14 of the Act in respect of the corporation’s investments for the year in financial institutions related to it;”;

• (b) total assets of a corporation that is a financial institution (as defined in subsection 190(1) of the Act) at any time in a taxation year means, in respect of that year, the amount that would be determined under the definition total assets in section 8600 in respect of the corporation for the year if the reference in that definition to “subsection 181(1)” were read as a reference to “subsection 190(1)” and paragraph (b) of that definition were read as follows:

  • “(b) the total determined under section 190.14 of the Act in respect of the corporation’s investments for the year in financial institutions related to it;”

• (c) attributed surplus, Canadian reserve liabilities and total reserve liabilities have the same respective meanings as in section 8600.