These regulations set a late-payment interest charge for unpaid royalties, rents, fees, dues, or other charges under the Act.
1 LATE PAYMENT INTEREST CHARGES C-50.2 REG 35 The Late Payment Interest Charges Regulations being Chapter C-50.2 Reg 35 (effective December 17, 2020). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 C-50.2 REG 35 LATE PAYMENT INTEREST CHARGES Table of Contents 1 Title 2 Definition 3 Charge for late payment of royalty, rent, etc. 4 Application 5 SR 263/70 repealed 6 Coming into force Appendix 3 LATE PAYMENT INTEREST CHARGES C-50.2 REG 35 CHAPTER C-50.2 REG 35 The Crown Minerals Act Title 1 These regulations may be cited as The Late Payment Interest Charges Regulations. Definition 2 In these regulations, “Act” means The Crown Minerals Act. Charge for late payment of royalty, rent, etc. 3(1) Notwithstanding anything contained in any other regulations made pursuant to the Act, every person who, on or after April 1, 2020, fails to pay or remit all or any portion of any royalty, rent, fee, due or charge that is to be paid for or under a disposition, or for any other privilege granted pursuant to the Act or any regulation or order made pursuant to the Act, on or before the date set out in the applicable regulation or order is liable for an additional charge on the unpaid royalty, rent, fee, due or charge, calculated from the day on which that amount should have been paid or remitted to the date on which it is received by the minister as shown in the records of the minister. (2) Subsection (1) applies whether or not the failure to pay or remit is discovered as the result of an audit. (3) For the purposes of subsection (1), the rate of interest per year with respect to unpaid royalty, rent, fees, dues or charges is the rate equal to the sum of: (a) the prime lending rate of the bank holding the general revenue fund as determined and adjusted in accordance with this section; and (b) 3%. (4) The interest rate set out in subsection (3) is to be determined on June 15 and December 15 in each year and: (a) the interest rate as determined on June 15 applies to unpaid rent, fees, dues or charges that are owing on or after July 1; and (b) the interest rate as determined on December 15 applies to unpaid royalty, rent, fees, dues or charges that are owing on or after January 1 of the following year. 24 Dec 2020 c C-50.2 Reg 35 s3. Application 4 These regulations apply to the regulations that are set out in Table 1 of the Appendix. 24 Dec 2020 c C-50.2 Reg 35 s4. 4 C-50.2 REG 35 LATE PAYMENT INTEREST CHARGES SR 263/70 repealed 5 “The Delayed Payment Charge Regulations, 1970”, being Saskatchewan Regulations 263/70, are repealed. 24 Dec 2020 c C-50.2 Reg 35 s5. Coming into force 6 These regulations come into force on the day on which they are filed with the Registrar of Regulations. 24 Dec 2020 c C-50.2 Reg 35 s6. Appendix TABLE 1 [Section 4] Regulations for which Charges for Late Payment Apply Alkali Mining Regulations, being Saskatchewan Regulation 444/67 The Coal Disposition Regulations, 1988 The Crown Mineral Royalty Regulations The Crown Oil and Gas Royalty Regulations, 2012 The Mineral Tenure Registry Regulations The Oil and Gas Tenure Registry Regulations The Quarrying Regulations, 1957, being Saskatchewan Regulation 553/67 The Subsurface Mineral Royalty Regulations, 2017 The Subsurface Mineral Tenure Regulations 24 Dec 2020 c C-50.2 Reg 35 s6. REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2020