PART XII.3 — Tax on Investment Income of Life Insurers

Instalments

Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31

Current text

Every life insurer shall, in respect of each of its taxation years, pay to the Receiver General on or before the last day of each month in the year, an amount equal to 1/12 of the lesser of

(a)

the amount estimated by the insurer to be the annualized tax payable under this Part by it for the year, and

(b)

the annualized tax payable under this Part by the insurer for the immediately preceding taxation year.

Annualized tax payable

(2)

For the purposes of subsections 211.3(1) and 211.5(2), the annualized tax payable under this Part by a life insurer for a taxation year is the amount determined by the formula

(365/A) × B

where

(a)

if the year is less than 357 days, the number of days in the year (other than February 29), and

(b)

otherwise, 365; and

is the tax payable under this Part by the insurer for the year.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since the start of the point-in-time record on 31 August 2004.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 211.3 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 211.3; 1998, c. 19, s. 214

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

No other section of the Act refers to this section, and it refers to no other section.

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 211.3.