Budget Implementation Act, 2003 (S.C. 2003, c. 15)
Full Document:
Assented to 2003-06-19
92. (1) Subsections 170(3) to (5) of the Act are replaced by the following:
Marginal note:Period where interest not payable
(3) Despite any other provision of this Act, if the Minister notifies a person that the person is required to pay a specified amount under this Act and the person pays the specified amount in full before the end of the period that the Minister specifies with the notice, interest is not payable on the specified amount for the period.
Marginal note:Interest amounts of $25 or less
(4) If, at any time, a person pays an amount not less than the total of all amounts, other than interest, owing at that time to Her Majesty under this Act for a fiscal month and the total amount of interest payable by the person under this Act for that month is not more than $25.00, the Minister may cancel the interest.
(2) Subsection (1) comes into force or is deemed to have come into force on the earlier of the day on which Parts 3 and 4 of the Act come into force and the day on which this Act is assented to.
93. (1) Section 171 of the Act is replaced by the following:
Marginal note:Compound interest on amounts payable by Minister
171. Interest shall be compounded daily at the prescribed rate on any amount payable by the Minister to a person. The interest shall be computed for the period beginning on the first day after the day on which the amount is required to be paid and ending on the day on which the amount is paid or is applied against an amount owed by the person to Her Majesty, unless this Act provides otherwise.
(2) Subsection (1) comes into force or is deemed to have come into force on the earlier of the day on which Parts 3 and 4 of the Act come into force and the day on which this Act is assented to.
R.S., c. E-15Excise Tax Act
Marginal note:R.S., c. 7 (2nd Supp.), s. 3(1)
94. (1) Subsection 7(1) of the Excise Tax Act is replaced by the following:
Marginal note:Penalty for default
7. (1) Every person who refuses or neglects to make a return as required by subsection 5(1) is liable to a penalty of five per cent of the amount of tax unpaid at the expiration of the time for filing the return.
(2) Subsection (1) applies in respect of any period for which a return is required to be filed after June 2003.
95. (1) Subsection 58.1(1) of the Act is amended by adding the following in alphabetical order:
“fiscal month”
« mois d’exercice »
“fiscal month” means a fiscal month as determined under subsection 78(1);
“month”
« mois »
“month” means a period beginning on a particular day in a calendar month and ending on
(a) the day immediately before the day in the next calendar month that has the same calendar number as the particular day, or
(b) if the next calendar month does not have a day that has the same calendar number as the particular day, the last day of that next calendar month;
(2) Subsection (1) comes into force or is deemed to have come into force on July 1, 2003.
96. Section 59 of the Act is amended by adding the following after subsection (3.3):
Marginal note:Effect
(3.4) A regulation made under this Act has effect from the day on which it is published in the Canada Gazette or at any later time that may be specified in the regulation, unless it provides otherwise and
(a) has a relieving effect only;
(b) corrects an ambiguous or deficient enactment that was not in accordance with the objects of this Act;
(c) is consequential on an amendment to this Act that is applicable before the day on which the regulation is published in the Canada Gazette; or
(d) gives effect to a budgetary or other public announcement, in which case the regulation shall not, unless paragraph (a), (b) or (c) applies, have effect before the day on which the announcement was made.
Marginal note:2002, c. 22, s. 428
97. (1) Subsection 68.5(7) of the Act is amended by adding the word “and” at the end of paragraph (a), by striking out the word “and” at the end of paragraph (b) and by repealing paragraph (c).
Marginal note:2002, c. 22, s. 428
(2) Paragraph 68.5(9)(b) of the Act is replaced by the following:
(b) interest at the prescribed rate in respect of the excess rebate for the period beginning on the first day after the day on which the rebate is paid to the person and ending on the earlier of the day on which the excess rebate is paid to the Receiver General and the day on or before which the reconciliation report is required to be filed.
Marginal note:2002, c. 22, s. 428
(3) Subsections 68.5(11) to (13) of the Act are repealed.
Marginal note:2002, c. 22, s. 428
(4) Paragraph 68.5(14)(b) of the Act is replaced by the following:
(b) paid all excess rebates in respect of rebate periods ending before that time and any interest that has accrued to that time.
(5) Subsection (1) applies in respect of rebate periods ending after June 2003.
(6) Subsections (2) to (4) apply in respect of amounts owing after June 2003.
Marginal note:R.S., c. 7 (2nd Supp.), s. 34(1); 2001, c. 16, s. 30(2)
98. (1) Subsections 72(7) and (8) of the Act are replaced by the following:
Marginal note:Interest on payment
(7) If an amount is paid to an applicant under subsection (6), the Minister shall pay interest at the prescribed rate to the applicant on the amount for the period beginning on the day that is 30 days after the day on which the application was received by the Minister and ending on the day on which the amount is paid.
(2) Subsection (1) applies in respect of an application received by the Minister of National Revenue after June 2003.
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