Section 190.11 — Income Tax Act: Taxable capital employed in Canada

For the purposes of this Part, the taxable capital employed in Canada of a financial institution for a taxation year is, in the case of a financial institution other than a life insurance corporation, that proportion of its taxable capital for the year that its Canadian assets at the end of the year is of its total assets at the end of the year; in the case of a life insurance corporation that was resident in Canada at any time in the year, the total of that proportion of the amount, if any, by which the total of its taxable capital for the year, and the amount prescribed for the year in respect of the corporation exceeds the amount prescribed for the year in respect of the corporation that its Canadian reserve liabilities as at the end of the year is of the total of its total reserve liabilities as at the end of the year, and the amount prescribed for the year in respect of the corporation; and [Repealed, 2009, c. 2, s. 63] in the case of a life insurance corporation that was non-resident throughout the year, its taxable capital for the year.