Anonymous Posted 17 years ago
Grammar
I am studing Canadian Income Tax Act, what does this mean?
This is a:
a contract under which the policyholder
has, under the terms and conditions of a life
insurance policy that was not an annuity contract
and that was last acquired before December
2, 1982, received the proceeds therefrom
in the form of an annuity contract,
on any anniversary day of the policy, there
shall be included in computing the taxpayer’s
income for the taxation year the amount, if any,
by which the accumulating fund on that day in
respect of the interest in the policy, as determined
in prescribed manner, exceeds the adjusted
cost basis to the taxpayer of the interest
in the policy on that day.
what i am not clear is what is "there shall be included in computing the taxpayer's ....."refering to?
thanks a lot!
a contract under which the policyholder
has, under the terms and conditions of a life
insurance policy that was not an annuity contract
and that was last acquired before December
2, 1982, received the proceeds therefrom
in the form of an annuity contract,
on any anniversary day of the policy, there
shall be included in computing the taxpayer’s
income for the taxation year the amount, if any,
by which the accumulating fund on that day in
respect of the interest in the policy, as determined
in prescribed manner, exceeds the adjusted
cost basis to the taxpayer of the interest
in the policy on that day.
what i am not clear is what is "there shall be included in computing the taxpayer's ....."refering to?
thanks a lot!
Top answer
Hi, I know nothing about this act, and I'm not a tax lawyer. However, in terms of grammar, I'd say that a new sentence should begin with the phrase 'on any anniversary day . '.
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Hi,
I know nothing about this act, and I'm not a tax lawyer.
However, in terms of grammar, I'd say that a new sentence should begin with the phrase 'on any anniversary day . . '. In other words, I think 'On' should begin with a capital.
I usually call the tax dept, here in Canada, if I have questions like this. They are quite helpful.
Best wishes, Clive
I know nothing about this act, and I'm not a tax lawyer.
However, in terms of grammar, I'd say that a new sentence should begin with the phrase 'on any anniversary day . . '. In other words, I think 'On' should begin with a capital.
I usually call the tax dept, here in Canada, if I have questions like this. They are quite helpful.
Best wishes, Clive
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