Income Tax Regulations
1405. For the purpose of subparagraph 138(3)(a)(ii) of the Act, there may be deducted in computing a life insurer’s income for a taxation year the amount it claims as a reserve in respect of an unpaid claim received by the insurer before the end of the year under a life insurance policy in Canada that is a post-1995 life insurance policy, not exceeding the lesser of
(a) the reported reserve of the insurer at the end of the year in respect of the claim, and
(b) the policy liability of the insurer at the end of the year in respect of the claim.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending regulations. SOR/79-425, s. 1;
- SOR/94-686, s. 79(F);
- SOR/99-269, s. 6.
- Date modified: