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Income Tax Regulations

Version of section 1405 from 2004-08-31 to 2009-03-11:


 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 Acts and regulations.]
  • SOR/79-425, s. 1
  • SOR/94-686, s. 79(F)
  • SOR/99-269, s. 6
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