Frontier Lands Petroleum Royalty Regulations

16 (1) For the purposes of section 56 of the Act, the prescribed rate of interest for any period is the rate prescribed by Part XLIII of the Income Tax Regulations, as amended from time to time, in respect of that period.

(2) The interest payable by an interest holder under section 56 of the Act on arrears of royalties, interest or penalties shall be calculated from the day on which the royalties, interest or penalties payable was due to the day on which payment is received by the Minister, and shall be compounded monthly.

(3) If, in the Minister’s opinion, the arrears have occurred through no fault of the interest holder, the interest payable by the interest holder on those arrears shall be calculated from the end of the month after the month in which the arrears were discovered.