Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)

Act current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

Marginal note:Returns
  •  (1) The premium payable by a member institution shall be based on returns to be certified by the institution and submitted in such form and at such time as the Corporation may require.

  • Marginal note:Payable in instalments

    (2) One half of the premium payable by a member institution shall be paid to the Corporation on or before July 15 in the premium year for which the premium is payable and the remainder shall be paid to the Corporation, without interest, on or before December 15 in that premium year.

  • R.S., 1985, c. C-3, s. 22;
  • 1996, c. 6, s. 28.
Marginal note:Calculation of first premium
  •  (1) The premium payable by a member institution in respect of the premium year in which it becomes a member institution shall be the same proportion of the lesser of

    • (a) the annual premium for that member determined by by-law made under subsection 21(2) based on an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, and

    • (b) the greater of

      • (i) $5,000, and

      • (ii) one third of one per cent, or such smaller proportion of one per cent as may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution,

    as the number of days in which any of the deposits with that member institution are insured by the Corporation in that premium year is of 365.

  • Marginal note:Payment of first premium

    (2) Despite subsection 22(2), the premium payable by a member institution under subsection (1) must be paid to the Corporation, without interest, within 30 days after the end of the month in which the member institution becomes a member institution.

  • R.S., 1985, c. C-3, s. 23;
  • R.S., 1985, c. 18 (3rd Supp.), s. 58;
  • 1996, c. 6, s. 29;
  • 2001, c. 9, s. 207;
  • 2007, c. 6, s. 407.
Marginal note:Where premiums payable

 All premiums payable shall be paid to the Corporation at its head office.

  • R.S., 1985, c. C-3, s. 24;
  • R.S., 1985, c. 18 (3rd Supp.), s. 58;
  • 2009, c. 2, s. 239.
Marginal note:No set-off on premium payment

 No member institution shall, without the prior agreement of the Corporation, reduce or extinguish a premium payment, interest or other payment to be made to the Corporation by reason of a set-off or claim by the member institution against the Corporation.

  • 1996, c. 6, s. 30;
  • 2001, c. 9, s. 208.