Interest Rate (Excise Tax Act) Regulations
SOR/91-19
Registration 1990-12-18
Regulations Prescribing Rules for Determining a Rate of Interest for the Purposes of the Excise Tax Act
P.C. 1990-2728 1990-12-18
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 59(3.1)Footnote * and 277(1)Footnote ** of the Excise Tax Act, is pleased hereby to revoke the Sales and Excise Tax Interest Rate Regulations, made by Order in Council P.C. 1986-741 of March 26, 1986Footnote ***, and to make the annexed Regulations prescribing rules for determining a rate of interest for the purposes of the Excise Tax Act, in substitution therefor, effective January 1, 1991.
Return to footnote *R.S., c. 15 (1st Supp.), s. 23(2)
Return to footnote **S.C. 1990, c. 45, s. 12
Return to footnote ***SOR/86-381, 1986 Canada Gazette Part II, p. 1615
Short Title
1 These Regulations may be cited as the Interest Rate (Excise Tax Act) Regulations.
Interpretation
2 In these Regulations,
- quarter
quarter means any period of three consecutive months beginning on January 1, April 1, July 1 or October 1. (trimestre)
Rate of Interest
3 For the purposes of the Excise Tax Act, the prescribed rate of interest in effect during any quarter shall be the rate (expressed as a percentage per month and rounded to the nearest one tenth of a percentage or, if the percentage is equidistant from two consecutive multiples of one tenth of a percentage, to the higher thereof) determined by the formula
A/12
where
- A
- is the simple arithmetic mean 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 were sold at auctions of Treasury Bills during the first month of the immediately preceding quarter.
- SOR/97-557, s. 2
- Date modified: