DETERMINATION OF ASSETS, NET REVENUES AND NET PREMIUMS
Marginal note:Determination by the Commissioner
2. The Commissioner shall, before December 31 in each calendar year, ascertain
(a) the average total assets in Canada during the fiscal year ending on March 31 of that year of each bank, authorized foreign bank and trust and loan company;
(b) the average total assets in Canada during the immediately preceding calendar year of each retail association;
(c) the total amount of the net revenue received in Canada during the immediately preceding calendar year by Green Shield Canada from its prepayment plans other than administrative services only plans; and
(d) the total amount of net premiums received in Canada during the immediately preceding calendar year by each company and foreign company to which the Insurance Companies Act applies.
DETERMINATION OF ASSESSMENT
Marginal note:Amount to be assessed
3. (1) For the purpose of subsection 18(3) of the Act and subject to subsection (2), the amount assessed by the Commissioner against each financial institution in respect of any fiscal year shall be equal to the base assessment determined for the financial institution in accordance with sections 4 to 8, less any interim assessment prepared against the financial institution pursuant to subsection 18(4) of the Act.
(2) No assessment is payable in any fiscal year by a financial institution with respect to which the Minister has approved an application for voluntary liquidation and dissolution before the beginning of that fiscal year or with respect to which a court has made a winding-up order under the Winding-up and Restructuring Act before the beginning of that fiscal year.
DETERMINATION OF BASE ASSESSMENT FOR BANKS AND AUTHORIZED FOREIGN BANKS
Marginal note:Base assessment
4. The base assessment of a financial institution that is a bank or an authorized foreign bank shall be equal to, for any fiscal year, the aggregate of
(a) $1,000 and
(b) the amount determined by the formula
(A - B) × C / D
- is the amount of the expenses that are ascertained pursuant to subsection 18(1) of the Act as having been incurred during the fiscal year for or in connection with the administration of
(i) the Act, to the extent that those expenses are attributable to banks and authorized foreign banks, and
(ii) the provisions referred to in paragraph (a) of the definition “consumer provision” in section 2 of the Act,
- is the aggregate of all the amounts assessed under paragraph (a) against all financial institutions that are banks or authorized foreign banks,
- is the average total assets in Canada of the financial institution, ascertained pursuant to paragraph 2(a), and
- is the aggregate of the average total assets in Canada for all financial institutions that are banks or authorized foreign banks, other than an institution referred to in subsection 3(2), ascertained pursuant to paragraph 2(a).
- Date modified: