The following table shows the compensation tax payable by various types of financial institutions. The form Calcul de la taxe compensatoire des institutions financières (CO-1159.2) is used to calculate the amount of compensation tax payable. The form must be enclosed with the corporation return of the financial institutions concerned.
Bank, loan corporation, trust corporation, corporation trading in securities | The total of the following amounts:
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Insurance corporation that is subject to the tax on capital for insurance corporations and that is a financial institution | The total of the following amounts:
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Savings and credit union | 2.5% of the salaries and wages paid in the year, or during the portion or portions of the year in which the corporation was a financial institution |
Professional order | 0.35% of the premiums, administration fees, contributions under the group plan or the professional liability insurance fund, and all other expenses |
Bank, loan corporation, trust corporation, corporation trading in securities or savings and credit union that is ALSO an insurance corporation | The total of the following amounts:
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Any other corporation | 1% of the salaries and wages paid in the year, or during the portion or portions of the year in which the corporation was a financial institution |
For more information, consult the Guide to Filing the Corporation Income Tax Return (CO-17.G-V).