I-1 - Retail Sales Tax Act

Section 20.19 Disposition versions

1986-11-11

20.19. (Repealed).

1986, c. 15, s. 23; 1986, c. 72, s. 3.

1986-05-27

20.19. For the purposes of section 20.15, the premium for a personal life-insurance policy is:

(a)  the premium less the policyowner’s dividend where the policy provides that

i.  it ceases without value at maturity before the life-insured reaches 85 years of age; or

ii.  it has no cash surrender value before death nor any value at maturity;

(b)  in all other cases, 40% of the difference between the premium and the policyowner’s dividend.

For the purposes of this section, the policyowner’s dividend is the amount of that dividend paid to the policyowner after 23 April 1985 which has not previously been deducted in computing a premium.

1986, c. 15, s. 23.