VIII, s. 3, c. 21, s. 61995, c. 3, s. 2, c. 21, s. 761996, c. 21, s. 41997, c. 10, s. 268, c. 25, s. 2, c. 26, s. 821998, c. 19, ss. 2 and 711999, c. 22, s. 52001, c. 17, s. 52003, c. 28, s. 12007, c. 35, s. 92009, c. 2, s. 42010, c. 25, s. 42012, c. 31, s. 42013, c. 34, ss. 2, 91, 173, c. 40, s. 42014, c. 39, s. 22017, c. 33, s. 42022, c. 19, s. 2
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1974-75-76, c. 26, s. 51986, c. 6, s. 7
12.2(1)Where in a taxation year a taxpayer holds an interest, last acquired after 1989, in a life insurance policy that is not(a)an exempt policy,(b)a prescribed annuity contract, and(c)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in prescribed manner, exceeds the adjusted cost basis to the taxpayer of the interest in the policy on that day.(3)[Repealed, 1994, c. 7, Sch