Canada Deposit Insurance Corporation Differential Premiums By-law — 2
Calculation 2 (1) For the purposes of paragraphs 21(1)(a) and 23(1)(a) of the Act, the annual premium for a member institution is the greater of (a) $5,000, and (b) subject to subsections (2) and (3), the result determined in accordance with the formula A × B × (C + D) ÷ 2 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 with the member institution that are referred to in paragraph 21(4)(b) of the Act or, for the purpose of paragraph 23(1)(a) of the Act, the sum of the deposits with the member institution that are referred to in that paragraph, C is the percentage set out in column 3 of Schedule 1 that corresponds to (i) the premium category set out in column 1 in which the member institution was classified as of January 15 of the calendar year in which the premium year begins, including following the operation of section 11 , if applicable, (ii) if the member institution became a member institution during the period beginning on January 16 and ending on April 30 of the calendar year in which the premium year begins, the premium category set out in column 1 in which it is classified as of July 15 of the premium year, or (iii) if the annual premium is being determined for the purpose of paragraph 23(1)(a) of the Act, (A) premium category 2, or (B) premium category 3, in the case of a new member institution that has been assigned a stage of intervention, and D is the percentage set out in column 3 of Schedule 1 that corresponds to (i) the premium category set out in column 1 in which the member institution is classified as of July 15 of the premium year, or (ii) if the annual premium is being determined for the purpose of paragraph 23(1)(a) of the Act, (A) premium category 2, or (B) premium category 3, in the case of a new member institution that has been assigned a stage of intervention. Late submission of fall return (2) If a member institution’s fall return is submitted after October 31 of the year preceding the premium year but before July 3 of the premium year, C in the formula in paragraph (1)(b) is replaced by the formula ((C × E) + (F × G)) ÷ H where C is the percentage referred to in subparagraph (i) of the description of C in paragraph (1)(b); E is the number of days in the period beginning on the day after the day on which the member institution submits its fall return to the Corporation and ending on October 31 of the premium year; F is the percentage set out in column 3 of Schedule 1 that corresponds to premium category 5; G is the number of days in the period beginning on November 1 of the year preceding the premium year and ending on the day on which the member institution submits its fall return to the Corporation; and H is the number of days in the period beginning on November 1 of the year preceding the premium year and ending on October 31 of the premium year. Late submission of spring return (3) If a member institution’s spring return is submitted after April 30 of the calendar year in which the premium year begins but before July 3 of the premium year, D in the formula in paragraph (1)(b) is replaced by the formula ((D × I) + (F × J)) ÷ K where D is the percentage referred to in subparagraph (i) of the description of D in paragraph (1)(b); I is the number of days in the period beginning on the day after the day on which the member institution submits its spring return to the Corporation and ending on April 30 of the premium year; F is the percentage set out in column 3 of Schedule 1 that corresponds to premium category 5; J is the number of days in the period beginning on May 1 of the premium year and ending on the day on which the member institution submits its spring return to the Corporation; and K is the number of days in the premium year. Exception — 2026–2027 premium year (4) Despite subsection (1), for the purposes of paragraphs 21(1)(a) and 23(1)