Canada v. Independent Order of Foresters

canada, canadian, case law, court opinion, canlii, fca, 2026fca146, 2026 fca 146 (canlii), 2026, fca, 146, (canlii), a-261-23, 2026, taxation, income tax act, fraternal benefit society, life insurance business taxable income, whether s. 149(4) requires computing taxable life insurance income in isolation, gross investment revenue under s. 138(9) computed assuming no income or loss from other sources, no blending of life and accident insurance businesses, appeal allowed, taxation, income tax regulations, canadian investment fund, whether canadian investment fund can be reduced by net liabilities connected to accident insurance assets, assumption in income tax act, s. 149(4) applies to computation of gross investment revenue, accident insurance assets and related liabilities excluded from life insurance computation, tax court interpretation incorrect, appeal allowed, taxation, income tax regulations, designation rules, whether paragraph 2401(2)(d) permits designating excess mean canadian investment fund to accident insurance business, discretion available to multinational life insurer limited by income tax act, s. 149(4), excess must be designated to life insurance business on the required assumption, appeal allowed, statutory interpretation, income tax regulations, canadian investment fund, construction of element i in s. 2400(1), two, step approach, presumptive inclusion of non, consolidated balance sheet assets, exclusion only if asset at no time used or held in course of carrying on an insurance business, tax court applied wrong legal test to world surplus, matter remitted to tax court for redetermination