Section 186.1 — Income Tax Act: Exempt corporations

No tax is payable under this Part for a taxation year by a corporation that was, at any time in the year, a bankrupt; or that was, throughout the year, a bank, a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee, an insurance corporation, a prescribed labour-sponsored venture capital corporation, a prescribed investment contract corporation, a non-resident-owned investment corporation, or a registered securities dealer that was throughout the year a member, or a participating organization, of a designated stock exchange in Canada.