Versions of s. 191.5(2)

Every corporation that is a bank or life insurer group member at any time during a 2021 taxation year shall pay a tax under this Part for its 2022 taxation year equal to the amount determined by the formula 0.15 [(A ÷ 2) − B] where A is the corporation’s total taxable income (or taxable income earned in Canada if the corporation is non-resident) for 2020 taxation years of the corporation, determined under Part I, without regard to paragraphs 111(1)(a) and (b), and 2021 taxation years of the corporation, determined under Part I, without regard to paragraphs 111(1)(a) and (b); and B is if the corporation is not related to another bank or life insurer group member at the end of each 2021 taxation year of the corporation, $1 billion, and in any other case, the amount determined under subsection (7).