845. A life insurer shall not claim any deduction under sections 738 to 745 in computing its taxable income for a taxation year.
It may, however, deduct in computing its taxable income, except as otherwise provided by sections 738 to 745, the aggregate of taxable dividends, other than dividends on term preferred shares acquired by it in the ordinary course of carrying on its business, included in computing its income for the year and received by it in the year from a taxable Canadian corporation.
1972, c. 23, s. 633; 1973, c. 17, s. 99; 1978, c. 26, s. 158; 1980, c. 13, s. 70; 1982, c. 5, s. 151; 1990, c. 59, s. 323; 1997, c. 3, s. 71.