Clever Interpretation No 2 - When does "to the extent" not mean proportion?

If the market value of segregated assets exceeds the account balance of account-based pensions, then the relevant tax provision provides that, to the extent of the excess, those assets are not segregated assets.

The Determination does not take “to the extent” in a proportional sense but provides that discrete segregated assets whose market value equals the excess are treated as not being segregated.

If there is no perfect alignment between the market value of the segregated assets and the excess (for example, the excess is $100,000 and there is only one asset – say real estate valued at $180,000 – which is segregated), the previously segregated asset will cease to be segregated in its entirety.