Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Income Tax Regulations

Version of section 2408 from 2004-08-31 to 2013-06-25:


 For the purposes of subparagraph 138(4.2)(a)(iv) of the Act, a life insurer’s 1977 carryforward deduction is hereby prescribed to be the amount, if any, by which

  • (a) the aggregate of

    • (i) the aggregate of amounts, each of which is an amount determined under paragraph 13(23)(b) of the Act in respect of property of a prescribed class of the insurer,

    • (ii) the aggregate of amounts each of which is a non-capital loss of the insurer for a taxation year ending after 1972 and before 1978 that would have been deductible by the insurer in computing its taxable income for a taxation year ending after 1977 if the Act were read without reference to subsection 111(7.2) thereof,

    • (iii) the amount prescribed by section 2407 to be the insurer’s 1977 excess policy dividend deduction,

    • (iv) the amount determined under subparagraph 138(4.2)(b)(ii) of the Act in respect of the insurer,

    • (v) the amount determined under subparagraph 138(4.2)(c)(ii) of the Act in respect of the insurer,

    • (vi) the amount, if any, by which

      • (A) the aggregate of the insurer’s maximum tax actuarial reserves for its 1977 taxation year,

      exceeds

      • (B) the aggregate of the amounts deducted by the insurer for its 1977 taxation year under subparagraph 138(3)(a)(i) of the Act, and

    • (vii) the amount, if any, by which

      • (A) the maximum amount deductible by the insurer for its 1977 taxation year under subparagraph 138(3)(a)(ii) of the Act,

      exceeds

      • (B) the amount deducted by the insurer for its 1977 taxation year under subparagraph 138(3)(a)(ii) of the Act,

      exceeds

  • (b) the amount, if any, by which the aggregate of

    • (i) the lesser of

      • (A) the insurer’s accumulated 1968 deficit, and

      • (B) the amount, if any, determined under subparagraph (vi),

    • (ii) the aggregate of the insurer’s maximum tax actuarial reserves for its 1977 taxation year, other than reserves or any portions thereof in respect of segregated fund policies, and

    • (iii) the maximum amount deductible by the insurer for its 1977 taxation year under subparagraph 138(3)(a)(ii) of the Act,

    exceeds the aggregate of

    • (iv) the aggregate of the amounts that would have been the insurer’s maximum tax actuarial reserves for its 1977 taxation year if those reserves had been determined on the basis of the rules applicable to its 1978 taxation year,

    • (v) the aggregate of all amounts payable to the insurer in respect of policy loans outstanding at the end of its 1977 taxation year, and

    • (vi) the amount, if any, by which

      • (A) the aggregate of the insurer’s maximum tax actuarial reserves for its 1968 taxation year, other than reserves or any portions thereof in respect of segregated fund policies,

      exceeds the aggregate of

      • (B) the aggregate of the amounts that would have been the insurer’s maximum tax actuarial reserves for its 1968 taxation year if those reserves had been determined on the basis of the rules applicable to its 1978 taxation year, and

      • (C) the aggregate of all amounts payable to the insurer in respect of policy loans outstanding at the end of its 1968 taxation year.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/79-670, s. 4
  • SOR/80-163, s. 1
  • SOR/88-165, s. 30(F)
  • SOR/94-686, s. 55(F)
Date modified: