These Regulations define “Act” and “quarter,” set the prescribed interest rate formulas for payments under the Excise Act, 2001, and deem the Regulations to have come into force on July 1, 2003.
Interest Rates (Excise Act, 2001) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 304 of the Excise Act, 2001a, hereby makes the annexed Interest Rates (Excise Act, 2001) Regulations. S.C. 2002, c. 22 Definitions The following definitions apply in these Regulations. Act means the Excise Act, 2001. (Loi) quarter means any period of three consecutive months beginning on January 1, April 1, July 1 or October 1. (trimestre) Interest to be paid to the Receiver General 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 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 4%. Interest to be paid by the Minister 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 the rate determined under paragraph (1)(a) in respect of the particular quarter, and if the person is a corporation, 0%, and in any other case, 2%. Retroactivity These Regulations are deemed to have come into force on July 1, 2003.