I-3, r. 1 - Regulation respecting the Taxation Act

Section 818r77 Disposition versions

2013-07-03

818R77. For the purposes of subparagraph b of the first paragraph of section 818R56, an asset of an insurer is deemed not to have been used or held by the insurer in a taxation year in the course of carrying on an insurance business if

(a)  the asset is owned by the insurer at the end of the year; and

(b)  the asset is

i.  goodwill;

ii.  immovable property, or the portion of immovable property, owned by the insurer and occupied by the insurer for the purpose of carrying on an insurance business.

s. 818R75; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1; O.C. 701-2013, s. 35.

2012-09-01

818R77. For the purposes of subparagraph b of the first paragraph of section 818R56, an asset of an insurer is deemed not to have been used or held by the insurer in a taxation year in the course of carrying on an insurance business if

(a)  the asset is owned by the insurer at the end of the year; and

(b)  the asset is

i.  goodwill which arose as a result of an amalgamation, a winding-up of an affiliated financial institution, or the assumption by the insurer of any obligation of another insurer with which the insurer deals at arm’s length if a reserve in respect of the obligation may be claimed by the insurer under the second paragraph of section 152 or paragraph a or a.1 of section 840 of the Act or could be claimed by the insurer under any of those provisions if the obligation were insurance policies in Canada, or

ii.  immovable property, or the portion of immovable property, owned by the insurer and occupied by the insurer for the purpose of carrying on an insurance business.

s. 818R75; O.C. 1463-2001, s. 86; O.C. 134-2009, s. 1.