Subsection 138(1) - Insurance corporations
Articles
Paul Vienneau, "New Profit Accounting for Insurers", Canadian Tax Highlights, Vol. 25, No. 10, October 2017, p. 10
Relevance of accounting income and IFRS 17 (p.10)
[A]n insurer's computation of income for tax purposes is in large part driven by the insurer's...
Fred F.J. Borgmann, Canadian Insurance Taxation, (Butterworths Canada, 1998).
Paragraph 138(1)(a)
Cases
Consolidated-Bathurst Ltd. v. The Queen, 85 DTC 5120, [1985] 1 CTC 142 (FCTD), aff'd on different grounds, 87 DTC 5001, [1987] 1 CTC 55 (FCA)
It was indicated, obiter, that insurance with a captive insurance company, i.e., a company that was an "instrumentality" of the insured, would not...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Tax Avoidance | 42 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(e) | 148 |
Paragraph 138(1)(d)
Subsection 138(2) - Insurer’s income or loss
See Also
London Life Insurance Co. v. The Queen, 89 DTC 6001 (FCA)
London Life recovered part of the expenses of its computer facility by renting excess capacity to a subsidiary. London Life had to have the extra...
Administrative Policy
14 May 2015 CLHIA Roundtable, 2015-0573801C6 - Foreign affiliates - sale of property to taxpayer
Canco carries on a life insurance business in Canada, and also through a foreign branch with clients in the foreign country. The income of FA,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(a.1) | exclusion where sale to foreign branch of Cdn insurer | 217 |
Subsection 138(3) - Deductions allowed in computing income
Paragraph 138(3)(a)
Cases
Lutheran Life Insurance Society of Canada v. The Queen, 91 DTC 5553, [1991] 2 CTC 284 (FCTD)
The Society, which carried on a life insurance business in addition to other fraternal activities undertaken for the benefit of its members,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 149 - Subsection 149(4) | 138 |
Subsection 138(9) - Computation of income
Cases
London Life Insurance Co. v. The Queen, 87 DTC 5312, [1987] 2 CTC 90 (FCTD), aff'd 90 DTC 6001 (FCA)
The taxpayer commenced in May 1976 to make preparations to conduct an insurance business in Bermuda, including the appointment and training of a...
Articles
Pennal, "Canadian Taxation of Non-Resident Insurers", 1989 Canadian Tax Journal, July-August issue, p. 1035
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|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 2400 | 0 |
Subsection 138(11.3) - Deemed disposition
Cases
SCDA (2005) Inc. v. Canada, 2017 FCA 177
Prior to the introduction of mark-to-market rules in 2007, the taxpayer, a Canadian life insurance corporation which carried on its life insurance...
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|---|---|---|
| Tax Topics - Other Legislation/Constitution - Federal - Tax Court of Canada Rules (General Procedure) - Section 147 - Subsection 147(3) | a settlement offer without an element of current monetary compromise can be reasonable | 176 |
See Also
Standard Life Assurance Company of Canada v. The Queen, 2015 DTC 1113 [at 687], 2015 TCC 97
The taxpayer, a Canadian life insurance corporation which carried on its life insurance business exclusively in Canada, purportedly started...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Window Dressing | acts purporting to evidence a Bermuda business were window dressing | 205 |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Start-Up and Liquidation Costs | starting a business entails taking "serious and continuous steps" to implement the "essential elements" of the business's goals | 383 |
Subsection 138(11.5)
Paragraph 138(11.5)(m)
Administrative Policy
15 November 2016 External T.I. 2015-0597921E5 - Subsection 138(11.94) election
In the context of a tax-deferred transfer of an insurance business carried on in Canada under s. 138(11.94), how are the terms “reinsurance...
Subsection 138(12) - Definitions
Life Insurance Policy
See Also
Higgins v. The Queen, 2013 DTC 1163 [at 889], 2013 TCC 194 (Informal Procedure)
The taxpayer's father died intestate, and the taxpayer received 1/2 of his "London Life non-registered freedom fund segregated fund investment." ...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 160.2 | 126 | |
| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | payment of death benefits under segregated fund to named beneficiaries did not constitute a transfer by the estate to which s. 160 could apply | 254 |
Administrative Policy
10 October 2014 APFF Roundtable Q. 7, 2014-0538281C6 F - 2014 APFF Roundtable, Q. 7 - Insured annuity
Does CRA consider that when a taxpayer subscribes to an annuity contract and a life-insurance policy with the same insurer, are both contracts...
IT-87R2 "Policyholders' Income from Life Insurance Policies".
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12.2 - Subsection 12.2(1) | 0 | |
| Tax Topics - Income Tax Regulations - Regulation 307 | 0 |