Archived - Legislative Proposals and Explanatory Notes Related to the Taxation of Financial Institutions

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Published by
The Honourable Jim Flaherty, P.C., M.P.
Minister of Finance

November 2007

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Table of Contents

Clause in Legislation

Section of the Act Amended


Income Tax Act
1 12.5 Insurer's reserve inclusion
2 20.4 Insurer's reserve deduction
3 87(2) Financial institution rules
4 88(1) Winding-up
5 138 Insurance Corporations
6 142.2 Definitions
7 142.5 Rules applicable to first deemed disposition of debt obligation
8 142.51 Transition
9 142.6 Change in status
10 152(6.2) Extended reassessment period
11 181.3 Taxable capital employed in Canada of financial institution
12 190.11 Taxable capital employed in Canada
13 190.13 Capital
Income Tax Regulations
14 1401 Policy reserves for pre-1996 policies
15 1404 Policy reserves
16 1408(1) Definitions
17 2400 Insurers
18 9002.1 Prescribed securities exchange investments
18 9002.2 Prescribed payment card corporation shares

Explanatory Notes