433.16R5. Subject to the third paragraph, a financial institution may make an election for the purposes of paragraph 2 of section 433.16R4 that is effective from the first day of the first reporting period of the financial institution throughout which the following criteria are met:
(1) the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15); and
(2) the financial institution is a large business.
An election under the first paragraph is to
(1) be made in prescribed form containing prescribed information; and
(2) be filed with the Minister in the manner determined by the Minister on or before the first day of the first reporting period referred to in the first paragraph or any later day that the Minister may determine.
No election under the first paragraph may be made by a financial institution if the financial institution has made a previous election under that paragraph and has revoked that election in accordance with the second paragraph of section 433.16R6.