First deposit insurance system was established in the in 1933, it is the oldest institute of management system of deposit insurance. In regard to income in the form of interest received on bank deposits, the tax base is defined as the excess of the amount of interest accrued in accordance with the terms of the contract over the amount of interest calculated on deposits of the refinancing rate of the Central Bank.
This is increased by five percentage points in effect for the period for which the said interest is accrued and on deposits in foreign currency from 9 per cent per annum, unless otherwise provided in this Chapter.
This rule does not apply if at the time of deposit the refinancing rate increased by five percentage points higher than the deposit rate. When all of these conditions are met, income tax on the deposit will be charged by Tax Professionals in Calgary.
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