Section 211.3 — Income Tax Act: Instalments

Every life insurer shall, in respect of each of its taxation years, pay to the Receiver General on or before the last day of each month in the year, an amount equal to 1/12 of the lesser of the amount estimated by the insurer to be the annualized tax payable under this Part by it for the year, and the annualized tax payable under this Part by the insurer for the immediately preceding taxation year. For the purposes of subsections 211.3(1) and 211.5(2), the annualized tax payable under this Part by a life insurer for a taxation year is the amount determined by the formula (365/A) × B where A is if the year is less than 357 days, the number of days in the year (other than February 29), and otherwise, 365; and B is the tax payable under this Part by the insurer for the year.