Interest Rates (Excise Act, 2001) Regulations

SOR/2006-229EXCISE ACT, 2001
Registration 2006-09-28
Interest Rates (Excise Act, 2001) Regulations
P.C. 2006-1056 2006-09-28Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 304 of the Excise Act, 2001Footnote a, hereby makes the annexed Interest Rates (Excise Act, 2001) Regulations.
Return to footnote aS.C. 2002, c. 22Interpretation

Marginal note:Definitions

1 The following definitions apply in these Regulations.

Act
Loi

Act means the Excise Act, 2001. (Loi)

quarter
trimestre

quarter means any period of three consecutive months beginning on January 1, April 1, July 1 or October 1. (trimestre)

Prescribed Rates of Interest

Marginal note:Interest to be paid to the Receiver General

2 (1) For the purposes of every provision of the Act that requires interest at a prescribed rate to be paid to the Receiver General, the prescribed rate in effect during any particular quarter is the total of

(a) the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury Bills during the first month of the quarter preceding the particular quarter, and
(b) 4%.

Marginal note:Interest to be paid by the Minister

(2) For the purposes of every provision of the Act that requires interest at a prescribed rate to be paid or applied on an amount payable by the Minister to a person, the prescribed rate in effect during any particular quarter is the total of

(a) the rate determined under paragraph (1)(a) in respect of the particular quarter, and
(b) if the person is a corporation, 0%, and in any other case, 2%.

2010, c. 12, s. 93.
Previous Version

Coming into Force

Marginal note:Retroactivity

3 These Regulations are deemed to have come into force on July 1, 2003.