Canada Deposit Insurance Corporation Differential Premiums By-law
Version of section 4 from 2019-02-08 to 2024-06-11:
4 (1) For the purpose of paragraph 21(1)(a) of the Act, the annual premium for each member institution is equal to the greater of
(a) $5,000, and
(b) subject to subsections (1.1) and (2), the result determined in accordance with the formula
A × B × C
where
- A
- is one third of one per cent, or any smaller proportion of one per cent that is fixed by the Governor in Council under paragraph 21(4)(b) of the Act,
- B
- is an amount equal to the sum of the deposits referred to in paragraph 21(4)(b) of the Act, and
- C
- is the percentage set out for the applicable premium year in column 3 of an item of Schedule 1 that corresponds to the premium category of the member institution set out in column 1 of that item.
(1.1) If a member institution is reclassified under subsection 5(2), the following formula shall be used to determine the result for the purposes of paragraph (1)(b):
(D × (E ÷ H)) + (F × (G ÷ H))
where
- D
- is the amount that would be the result under paragraph (1)(b) if C in that paragraph represented the percentage set out in column 3 of an item of Schedule 1 for the premium category, set out in column 1 of the item, in which the member institution was classified before its reclassification;
- E
- is the number of days during the period beginning on May 1 of the filing year and ending on the day before the day on which the member institution has been a member institution for 18 months;
- H
- is the number of days during the period beginning on May 1 of the filing year and ending on April 30 of the following year;
- F
- is the amount that would be the result under paragraph (1)(b) if C in that paragraph were the percentage set out in column 3 of an item of Schedule 1 for the premium category, set out in column 1 of that item, in which the member institution is reclassified; and
- G
- is the number of days during the period beginning on the day on which the member institution has been a member institution for 18 months and ending on April 30 of the year following the filing year referred to in E.
(2) If a member institution is reclassified under section 6, the following formula shall be used to determine the result for the purposes of paragraph (1)(b):
(D × (E ÷ H)) + (F × (G ÷ H))
where
- D
- is the amount that would be the result under paragraph (1)(b) if C in that paragraph represented the percentage set out in column 3 of item 4 of Schedule 1;
- E
- is the number of days during the period beginning on May 1 of the filing year and ending on the day on which the Corporation receives the declaration referred to in paragraph 7(1)(b) or the documents required by subsection 15(1) or section 16 from the member institution;
- H
- is the number of days during the period beginning on May 1 of the filing year and ending on April 30 of the following year;
- F
- is the amount that would be the result under paragraph (1)(b) if C in that paragraph were the percentage set out in column 3 of an item of Schedule 1 for the premium category, set out in column 1 of that item, in which the member institution is reclassified; and
- G
- is the number of days during the period beginning on the day after the day on which the Corporation receives the declaration referred to in paragraph 7(1)(b) or the documents required by subsection 15(1) or section 16 from the member institution and ending on April 30 of the year following the filing year referred to in E.
- SOR/2000-38, s. 1
- SOR/2002-126, s. 2
- SOR/2015-75, s. 3
- SOR/2019-43, s. 2
- Date modified: