British Columbia Indemnity Interest Remission Order (HST)

SI/2014-76

FINANCIAL ADMINISTRATION ACT

Registration 2014-10-08

British Columbia Indemnity Interest Remission Order (HST)

P.C. 2014-939 2014-09-18

His Excellency the Governor General in Council, considering that it is in the public interest to do so, on the recommendation of the Minister of Finance and of the Treasury Board, pursuant to subsection 23(2.1)Footnote a of the Financial Administration ActFootnote b, makes the annexed British Columbia Indemnity Interest Remission Order (HST).

Marginal note:Remission of interest
  •  (1) Remission is granted to British Columbia of the interest payable under subsection 155.1(1) of the Financial Administration Act in respect of the province’s obligation under the Comprehensive Integrated Tax Coordination Agreement between the Government of Canada and the Government of British Columbia to indemnify Her Majesty in right of Canada in an amount equal to the assistance amount of $1,599,000,000 received by the province under that agreement.

  • Marginal note:Condition

    (2) Remission is granted on condition that the amount of the indemnity referred to in subsection (1) be paid in five equal payments of $319,800,000, with the first and second payments having been made on March 30, 2012 and March 28, 2013 respectively, and the third, fourth and fifth payments to be made on or before March 28, 2014, March 27, 2015 and March 25, 2016, respectively.

Marginal note:Partial remission

 If a payment is not made on or before the date that is specified in subsection 1(2), remission is granted to British Columbia of the interest payable under subsection 155.1(1) of the Financial Administration Act, in respect of the province’s obligation referred to in subsection 1(1), that is attributable to the period that begins on March 28, 2012 and ends on the day before the date specified in subsection 1(2) in respect of the first missed payment.

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