Payment of Charges
(2) When payment in full has not been received by the due date established pursuant to subsection (1), interest shall be charged
(3) The interest referred to in subsection (2) shall be calculated monthly on the outstanding amount, which amount shall consist of the amount of principal owing plus any accrued interest.
(4) Where a payment is made, the period for which interest is charged in respect of the amount of the payment shall end on the day before the day on which the payment is received by the Minister.
(5) The rate of interest shall be adjusted monthly and shall be three per cent plus the bank rate in effect at the close of business on the last business day of the previous month.
(6) For the purposes of subsection (5), bank rate means the rate of interest established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short-term advances to members of the Canadian Payments Association.
- SOR/86-1083, s. 1
- SOR/88-120, s. 11(E)
- SOR/91-85, s. 12
- SOR/94-324, s. 5
- Date modified: