Bill C-70
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(7) Subsection 138(11) of the Act is
repealed.
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(8) The portion of subsection 138(11.3) of
the Act before paragraph (a) is replaced by
the following:
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Deemed
disposition
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(11.3) Subject to subsection (11.31), and
except for the purposes of paragraph 20(1)(l),
the description of A in the definition
``undepreciated capital cost'' in subsection
13(21) and paragraph (b) of the description of
F in that definition and any regulations made
for the purpose of the definition ``property
used by it in the year in, or held by it in the year
in the course of'' in subsection (12), where a
life insurer resident in Canada, or a
non-resident insurer, that carries on an
insurance business in Canada and in a country
other than Canada, at any time,
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(9) Subsection 138(11.3) of the Act is
amended by adding the word ``or'' at the
end of paragraph (a) and by repealing
paragraphs (c) and (d).
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(10) Section 138 of the Act is amended by
adding the following after subsection (11.3):
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Exclusion
from deemed
disposition
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(11.31) Subsection (11.3) does not apply in
respect of a change in use of a property of an
insurer where subsection 142.5(2) deemed the
insurer to have disposed of the property in the
taxation year that ended immediately before
the change in use.
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(11) Subsection 138(11.4) of the Act is
replaced by the following:
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Deduction of
loss
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(11.4) Notwithstanding any other provision
of this Act, where an insurer has a loss for a
taxation year from the disposition, because of
subsection (11.3), of a property other than a
specified debt obligation (as defined in
subsection 142.2(1)), and the loss would, but
for this subsection, have been deductible in
the year, the loss shall be deductible only in the
taxation year in which the taxpayer disposes
of the property otherwise than because of
subsection (11.3).
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(12) Subsection 138(11.41) of the Act is
repealed.
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(13) Paragraph 138(11.5)(e) of the Act is
replaced by the following:
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(14) Paragraph 138(11.5)(k) of the Act is
replaced by the following:
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(15) The definitions ``Canada security''
and ``cost'' in subsection 138(12) of the Act
are repealed.
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(16) The first formula in the definition
``gross investment revenue'' in subsection
138(12) of the Act is replaced by the
following:
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A + B + C + D + E + F - G
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(17) The description of A in the definition
``gross investment revenue'' in subsection
138(12) of the Act is replaced by the
following:
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(18) The description of E in the definition
``gross investment revenue'' in subsection
138(12) of the Act is replaced by the
following:
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(19) The definition ``gross investment
revenue'' in subsection 138(12) of the Act is
amended by adding the word ``and'' at the
end of the description of F and by adding the
following after the description of F:
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(20) Subsection 138(13) of the Act is
replaced by the following:
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Variation in
``tax basis''
and
``amortized
cost''
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(13) Where
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each of the amounts included or deducted as
follows in respect of the year shall be
multiplied by the ratio referred to in paragraph
(c):
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(21) Subsections (1), (3), (7) and (15)
apply to taxation years that begin after
February 22, 1994 and
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and
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(22) Subsections (2), (4), (6), (17), (18) and
(20) apply to taxation years that end after
February 22, 1994.
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(23) Subsection (5) applies to dispositions
occurring after October 30, 1994, except
the disposition of a debt obligation before
July 1995 where
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(24) Subsections (8) and (10) apply to
changes in use of property occurring in
taxation years that begin after October
1994.
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(25) Subsections (9) and (12) apply to
changes in use of property occurring after
February 22, 1994.
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(26) Subsection (11) applies to property
deemed by subsection 138(11.3) of the Act to
be disposed of after 1994.
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(27) Subsection (13) and paragraph
138(11.5)(k.1) of the Act, as enacted by
subsection (14), apply to transfers of
insurance businesses occurring after
February 22, 1994.
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(28) Paragraph 138(11.5)(k) of the Act, as
enacted by subsection (14), applies to
transfers of insurance businesses occurring
after October 1994.
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(29) Paragraph 138(11.5)(k.2) of the Act,
as enacted by subsection (14), applies to
transfers of insurance businesses occurring
at any time (including, for greater
certainty, transfers occurring before this
Act is assented to).
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(30) Subsections (16) and (19) apply to
taxation years that end after October 16,
1991, except that, in its application to
taxation years that end before February 23,
1994, the description of G in the definition
``gross investment revenue'' in subsection
138(12) of the Act, as enacted by subsection
(19), shall be read as follows:
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58. (1) The Act is amended by adding the
following after section 142.1:
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FINANCIAL INSTITUTIONS |
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Interpretation
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Definitions
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142.2 (1) In this section and sections 142.3
to 142.6,
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``financial
institution'' « institution financière »
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``financial institution'' at any time means
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``investment
dealer'' « courtier en valeurs mobilières »
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``investment dealer'' at any time means a
corporation that is, at that time, a registered
securities dealer;
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``mark-to-mar
ket property'' « bien évalué à la valeur du marché »
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``mark-to-market property'' of a taxpayer for
a taxation year means property held by the
taxpayer in the year that is
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