I-3 - Taxation Act

Section 1159.3.4 Disposition versions

2021-12-10

1159.3.4. If the taxation year for which a compensation tax is computed under the first paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the first paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation (other than an independent loan corporation), a trust corporation (other than an independent trust corporation) or a corporation trading in securities (other than an independent corporation trading in securities), subject to subparagraph d, the aggregate of

i.  2.8% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that follows 31 March 2022, and

ii.  4.14% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”;

(a.1)  the first paragraph of section 1159.3 is to be read as if the following subparagraph were inserted after subparagraph a:

“(a.1) in the case of an independent loan corporation, an independent trust corporation or an independent corporation trading in securities, the aggregate of

i.  0.9% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that follows 31 March 2022, and

ii. 1.32% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b, subparagraph ii of subparagraph d and subparagraph d.1 of the first paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year that follow 31 March 2022 is of the number of days in the taxation year, and

ii.  the proportion of 0.48% that the number of days in the taxation year that precede 1 April 2022 is of the number of days in the taxation year;

(c)  subparagraph c of the first paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of

i.  2.2% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that follows 31 March 2022, and

ii.  3.26% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”; and

(d)  subparagraph e of the first paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d.1 and who made, with a person referred to in any of those subparagraphs, an election under subsection 1 of section 150 of the Excise Tax Act (R.S.C. 1985, c. E-15) that is in effect in the year, the aggregate of

i.  0.9% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022 and the amount paid as wages in the part of the year during which the election was in effect that follows 31 March 2022, and

ii.  1.32% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022.”.

If the taxation year for which a compensation tax is computed under the second paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the second paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation (other than an independent loan corporation), a trust corporation (other than an independent trust corporation) or a corporation trading in securities (other than an independent corporation trading in securities), subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that follow 31 March 2022 and 4.14% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”;

(a.1)  the second paragraph of section 1159.3 is to be read as if the following subparagraph were inserted after subparagraph a:

“(a.1) in the case of an independent loan corporation, an independent trust corporation or an independent corporation trading in securities, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that follow 31 March 2022 and 1.32% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b and subparagraph ii of subparagraph d of the second paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year during which the person was a financial institution that follow 31 March 2022 is of the number of days in the taxation year during which the person was a financial institution, and

ii.  the proportion of 0.48% that the number of days in the taxation year during which the person was a financial institution that precede 1 April 2022 is of the number of days in the taxation year during which the person was a financial institution;

(c)  subparagraph c of the second paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that follow 31 March 2022 and 3.26% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”; and

(d)  subparagraph e of the second paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d and who made, with a person referred to in any of subparagraphs a to d.1 of the first paragraph, an election under subsection 1 of section 150 of the Excise Tax Act that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and the election was in effect that follow 31 March 2022 and 1.32% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and in which the election was in effect that precede 1 April 2022.”

2015, c. 21, s. 533; 2017, c. 29, s. 220; 2019, c. 14, s. 459; 2021, c. 14, s. 196; 2021, c. 36, s. 159.

2021-06-02

1159.3.4. If the taxation year for which a compensation tax is computed under the first paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the first paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation (other than an independent loan corporation), a trust corporation (other than an independent trust corporation) or a corporation trading in securities (other than an independent corporation trading in securities), subject to subparagraph d, the aggregate of

i.  2.8% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that is included, in whole or in part, in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”), and

ii.  4.14% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”;

(a.1)  the first paragraph of section 1159.3 is to be read as if the following subparagraph were inserted after subparagraph a:

“(a.1) in the case of an independent loan corporation, an independent trust corporation or an independent corporation trading in securities, the aggregate of

i. 0.9% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that is included in the temporary contribution period, and

ii. 1.32% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b, subparagraph ii of subparagraph d and subparagraph d.1 of the first paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year that are included in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”) is of the number of days in the taxation year, and

ii.  the proportion of 0.48% that the number of days in the taxation year that precede 1 April 2022 is of the number of days in the taxation year;

(c)  subparagraph c of the first paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of

i.  i. 2.2% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that is included in the temporary contribution period, and

ii.  ii. 3.26% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”; and

(d)  subparagraph e of the first paragraph of section 1159.3 is to be read as follows:

“(e)in the case of a person who is not referred to in any of subparagraphs a to d.1 and who made, with a person referred to in any of those subparagraphs, an election under subsection 1 of section 150 of the Excise Tax Act (R.S.C. 1985, c. E-15) that is in effect in the year, the aggregate of

i.  i. 0.9% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022 and the amount paid as wages in the part of the year during which the election was in effect that is included in the temporary contribution period, and

ii.  1.32% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022.

If the taxation year for which a compensation tax is computed under the second paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the second paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation (other than an independent loan corporation), a trust corporation (other than an independent trust corporation) or a corporation trading in securities (other than an independent corporation trading in securities), subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 4.14% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”;

(a.1)  the second paragraph of section 1159.3 is to be read as if the following subparagraph were inserted after subparagraph a:

“(a.1) in the case of an independent loan corporation, an independent trust corporation or an independent corporation trading in securities, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 1.32% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b and subparagraph ii of subparagraph d of the second paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year during which the person was a financial institution that are included in the temporary contribution period is of the number of days in the taxation year during which the person was a financial institution, and

ii.  the proportion of 0.48% that the number of days in the taxation year during which the person was a financial institution that precede 1 April 2022 is of the number of days in the taxation year during which the person was a financial institution;

(c)  subparagraph c of the second paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 3.26% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”; and

(d)  subparagraph e of the second paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d and who made, with a person referred to in any of subparagraphs a to d.1 of the first paragraph, an election under subsection 1 of section 150 of the Excise Tax Act that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and the election was in effect that are included in the temporary contribution period and 1.32% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and in which the election was in effect that precede 1 April 2022.

2015, c. 21, s. 533; 2017, c. 29, s. 220; 2019, c. 14, s. 459; 2021, c. 14, s. 196.

2019-06-19

1159.3.4. If the taxation year for which a compensation tax is computed under the first paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the first paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of

i.  2.8% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that is included, in whole or in part, in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”), and

ii.  4.14% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b, subparagraph ii of subparagraph d and subparagraph d.1 of the first paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year that are included in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”) is of the number of days in the taxation year, and

ii.  the proportion of 0.48% that the number of days in the taxation year that precede 1 April 2022 is of the number of days in the taxation year;

(c)  subparagraph c of the first paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of

i.  i. 2.2% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year that precedes 1 April 2022 and the amount paid as wages in the part of the year that is included in the temporary contribution period, and

ii.  ii. 3.26% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year that precedes 1 April 2022;”; and

(d)  subparagraph e of the first paragraph of section 1159.3 is to be read as follows:

“(e)in the case of a person who is not referred to in any of subparagraphs a to d.1 and who made, with a person referred to in any of those subparagraphs, an election under subsection 1 of section 150 of the Excise Tax Act (R.S.C. 1985, c. E-15) that is in effect in the year, the aggregate of

i.  i. 0.9% of the lesser of the amount by which its maximum amount subject to tax for the year exceeds the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022 and the amount paid as wages in the part of the year during which the election was in effect that is included in the temporary contribution period, and

ii.  1.32% of the lesser of its maximum amount subject to tax for the year and the amount paid as wages in the part of the year in which the election was in effect that precedes 1 April 2022.

If the taxation year for which a compensation tax is computed under the second paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the second paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 4.14% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b and subparagraph ii of subparagraph d of the second paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year during which the person was a financial institution that are included in the temporary contribution period is of the number of days in the taxation year during which the person was a financial institution, and

ii.  the proportion of 0.48% that the number of days in the taxation year during which the person was a financial institution that precede 1 April 2022 is of the number of days in the taxation year during which the person was a financial institution;

(c)  subparagraph c of the second paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 3.26% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”; and

(d)  subparagraph e of the second paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d and who made, with a person referred to in any of subparagraphs a to d.1 of the first paragraph, an election under subsection 1 of section 150 of the Excise Tax Act that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and the election was in effect that are included in the temporary contribution period and 1.32% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and in which the election was in effect that precede 1 April 2022.

2015, c. 21, s. 533; 2017, c. 29, s. 220; 2019, c. 14, s. 459.

2017-12-07

1159.3.4. If the taxation year for which a compensation tax is computed under the first paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the first paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part of the year that is included, in whole or in part, in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”) and 4.48% of the amount paid as wages in the part of the year that precedes 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b, subparagraph ii of subparagraph d and subparagraph d.1 of the first paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year that are included in the period beginning on 1 April 2022 and ending on 31 March 2024 (in this section referred to as the “temporary contribution period”) is of the number of days in the taxation year, and

ii.  the proportion of 0.48% that the number of days in the taxation year that precede 1 April 2022 is of the number of days in the taxation year;

(c)  subparagraph c of the first paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part of the year that is included in the temporary contribution period and 3.52% of the amount paid as wages in the part of the year that precedes 1 April 2022;”; and

(d)  subparagraph e of the first paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d.1 and who made, with a person referred to in any of those subparagraphs, an election under subsection 1 of section 150 of the Excise Tax Act (R.S.C 1985, c. E-15) that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part of the year during which the election was in effect and that is included in the temporary contribution period and 1.44% of the amount paid as wages in the part of the year that precedes 1 April 2022.”

If the taxation year for which a compensation tax is computed under the second paragraph of section 1159.3 ends after 31 March 2022, the following rules apply:

(a)  subparagraph a of the second paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 4.48% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b and subparagraph ii of subparagraph d of the second paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year during which the person was a financial institution that are included in the temporary contribution period is of the number of days in the taxation year during which the person was a financial institution, and

ii.  the proportion of 0.48% that the number of days in the taxation year during which the person was a financial institution that precede 1 April 2022 is of the number of days in the taxation year during which the person was a financial institution;

(c)  subparagraph c of the second paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 3.52% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022;”; and

(d)  subparagraph e of the second paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d and who made, with a person referred to in any of subparagraphs a to d.1 of the first paragraph, an election under subsection 1 of section 150 of the Excise Tax Act that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and the election was in effect and that are included in the temporary contribution period and 1.44% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2022.“

2015, c. 21, s. 533; 2017, c. 29, s. 220.

2015-10-21

1159.3.4. If the taxation year for which a compensation tax is computed under the first paragraph of section 1159.3 ends after 31 March 2017, the following rules apply:

(a)  subparagraph a of the first paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part of the year that is included, in whole or in part, in the period beginning on 1 April 2017 and ending on 31 March 2019 (in this section referred to as the “temporary contribution period”) and 4.48% of the amount paid as wages in the part of the year that precedes 1 April 2017;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b, subparagraph ii of subparagraph d and subparagraph d.1 of the first paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year that are included in the period beginning on 1 April 2017 and ending on 31 March 2019 (in this section referred to as the “temporary contribution period”) is of the number of days in the taxation year, and

ii.  the proportion of 0.48% that the number of days in the taxation year that precede 1 April 2017 is of the number of days in the taxation year;

(c)  subparagraph c of the first paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part of the year that is included in the temporary contribution period and 3.52% of the amount paid as wages in the part of the year that precedes 1 April 2017;”; and

(d)  subparagraph e of the first paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d.1 and who made, with a person referred to in any of those subparagraphs, an election under subsection 1 of section 150 of the Excise Tax Act (R.S.C 1985, c. E-15) that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part of the year during which the election was in effect and that is included in the temporary contribution period and 1.44% of the amount paid as wages in the part of the year that precedes 1 April 2017.”

If the taxation year for which a compensation tax is computed under the second paragraph of section 1159.3 ends after 31 March 2017, the following rules apply:

(a)  subparagraph a of the second paragraph of section 1159.3 is to be read as follows:

“(a) in the case of a bank, a loan corporation, a trust corporation or a corporation trading in securities, subject to subparagraph d, the aggregate of 2.8% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 4.48% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2017;”;

(b)  the rate mentioned in subparagraphs i and ii of subparagraph b and subparagraph ii of subparagraph d of the second paragraph of section 1159.3 is replaced by a rate equal to the total of

i.  the proportion of 0.3% that the number of days in the taxation year during which the person was a financial institution that are included in the temporary contribution period is of the number of days in the taxation year during which the person was a financial institution, and

ii.  the proportion of 0.48% that the number of days in the taxation year during which the person was a financial institution that precede 1 April 2017 is of the number of days in the taxation year during which the person was a financial institution;

(c)  subparagraph c of the second paragraph of section 1159.3 is to be read as follows:

“(c) in the case of a savings and credit union, subject to subparagraph d, the aggregate of 2.2% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that are included in the temporary contribution period and 3.52% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2017;”; and

(d)  subparagraph e of the second paragraph of section 1159.3 is to be read as follows:

“(e) in the case of a person who is not referred to in any of subparagraphs a to d and who made, with a person referred to in any of subparagraphs a to d.1 of the first paragraph, an election under subsection 1 of section 150 of the Excise Tax Act that is in effect in the year, the aggregate of 0.9% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution and the election was in effect and that are included in the temporary contribution period and 1.44% of the amount paid as wages in the part or parts of the year, as the case may be, during which the person was a financial institution that precede 1 April 2017.“

2015, c. 21, s. 533.