Customs Tariff (S.C. 1997, c. 36)

Act current to 2013-04-29 and last amended on 2013-04-01. Previous Versions

Marginal note:Interest to be compounded

124. Interest computed at a prescribed rate or at a specified rate shall be compounded daily and, if interest computed in respect of an amount under a provision of this Act is unpaid on the day it would, but for this section, have ceased to be computed under that provision, interest at the specified rate, computed and compounded daily on the unpaid interest from that day to the day it is paid, shall be paid in the same manner as the provision requires the principal amount to be paid.

  • 1997, c. 36, s. 124;
  • 2001, c. 25, s. 89.
Marginal note:Prescribed rate may be authorized

125. The Minister of Public Safety and Emergency Preparedness may authorize persons who are required under a provision of this Act to pay interest on an amount at a specified rate to instead pay interest under that provision at the prescribed rate.

  • 1997, c. 36, s. 125;
  • 2005, c. 38, ss. 142, 145.
Previous Version
Marginal note:Waiver of interest

  • 126. (1) The Minister of Public Safety and Emergency Preparedness may at any time waive or cancel payment of all or any portion of any interest otherwise payable under this Part.

  • Marginal note:Interest on interest refunded

    (2) If, as a result of a waiver or cancellation under subsection (1), a person is refunded an amount of interest that was paid, the person shall be given, in addition to the refund, interest at the prescribed rate for the period beginning on the first day after the day the amount was paid and ending on the day the refund is given, calculated on the amount of the refund.

  • 1997, c. 36, s. 126;
  • 2005, c. 38, ss. 142, 145.
Previous Version
Marginal note:Interest

  • 127. (1) A person who is granted a refund or drawback of duties under section 110 or 113, other than duty levied under the Special Import Measures Act, shall be granted, in addition to the drawback or refund, interest on the drawback or refund at the prescribed rate for the period beginning on the ninety-first day after an application for the drawback or refund is made in accordance with this Part and ending on the day the drawback or refund is granted.

  • Marginal note:Interest on SIMA duty

    (2) A person who, under a provision of this Part other than section 115, is granted a drawback or refund of an amount in respect of duty levied under the Special Import Measures Act shall be granted, in addition to the drawback or refund, interest on it at the prescribed rate for the period beginning on the ninety-first day after the day an application for the drawback or refund is made in accordance with this Part and ending on the day the drawback or refund is granted.

  • 1997, c. 36, s. 127;
  • 2001, c. 25, s. 90.