R.R.O. 1990, Reg. 984: GENERAL

Race Tracks Tax Act
Loi de la taxe sur le pari mutuel

R.R.O. 1990, REGULATION 984

Amended to O. Reg. 319/97

GENERAL

Historical version for the period August 15, 1997 to May 22, 2006.

This Regulation is made in English only.

Returns And Remittances

1. For the purposes of section 3 of the Act, every operator required to collect tax under the Act at any time during a calendar month shall,

(a) make a return to the Minister on or before the 23rd day after the end of that month accounting for the tax collected by the operator during the month; and

(b) remit to the Minister with the return the tax collected by the operator during the month. O. Reg. 319/97, s. 1.

Note: Section 1 applies to tax collected during calendar months ending after August 15, 1997 but the amount of tax to be accounted for and remitted with the return for the first month ending after August 15, 1997 shall not include any tax collected during that month that has already been accounted for and remitted to the Minister with a return made under section 1 of the Regulation as it read before August 15, 1997. See: O. Reg. 319/97, ss. 1, 2.

Delegation of Authority

2. Revoked: O. Reg. 321/91, s. 1.

2.1 The Deputy Minister of Revenue and the officer of the Ministry of Revenue holding the position of Assistant Deputy Minister, Tax Revenue and Grants Program, may exercise the powers and perform any duty conferred or imposed upon the Minister by the regulations. O. Reg. 717/91, s. 1.

Interest Rates

3. (1) In this section,

“adjustment date” means January 1, April 1, July 1 or October 1;

“average prime rate”, on a particular date, means the mean, rounded to the nearest whole percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Bank of Montreal and The Toronto-Dominion Bank to be its prime or reference rate of interest in effect on that date for determining interest rates on Canadian dollar commercial loans by that bank in Canada. O. Reg. 313/97, s. 1.

(2) For the purposes of the Act, the prescribed rates of interest shall be determined in accordance with the following rules:

1. A base rate of interest shall be determined for January 1, 1997 and for each adjustment date after January 1, 1997 and shall be equal to the average prime rate on,

i. October 15 of the previous year, if the adjustment date is January 1,

ii. January 15 of the same year, if the adjustment date is April 1,

iii. April 15 of the same year, if the adjustment date is July 1, and

iv. July 15 of the same year, if the adjustment date is October 1.

2. The base rate of interest in effect on a particular date shall be,

i. the base rate for the particular date, if the particular date is an adjustment date, and

ii. the base rate for the last adjustment date before the particular date, otherwise.

3. The prescribed rate of interest payable by a person under the Act in respect of a particular day shall be an annual interest rate that is three percentage points higher than the base rate of interest in effect on that day.

4. The prescribed rate of interest to be paid or allowed by the Minister to a person under the Act in respect of a particular day shall be an annual interest rate that is two percentage points lower than the base rate of interest in effect for that day. O. Reg. 313/97, s. 1.

Books and Records

4. (1) For the purposes of subsection 4 (1) of the Act, an operator shall keep records and books of account that are in sufficient form and that contain sufficient information in order that the Minister may determine,

(a) the total amount wagered on each race as triactor bets;

(b) the total amount wagered on each race other than triactor bets;

(c) the total tax payable and remitted on triactor bets at each race meeting; and

(d) the total tax payable and remitted on bets other than triactor bets at each race meeting. R.R.O. 1990, Reg. 984, s. 4 (1).

(2) An operator may keep records and books of account that are required to be kept under the Act in a form that is a reproduction made by a photographic, photostatic, microfilming or other process that reproduces an exact copy of an original, if the operator provides reasonable access to any equipment that is required to read the reproduced record or books of account. R.R.O. 1990, Reg. 984, s. 4 (2).

(3) An operator may keep records and books of account that are required to be kept under the Act in the form of an electronic data processing system if the operator,

(a) permits the Minister or a person designated by the Minister to conduct reasonable tests on the hardware and software comprising the electronic data processing system in order to verify the accuracy of the processing of transactions and the accuracy of data processing controls;

(b) provides full information to the Minister on all hardware and software changes that may affect the electronic data processing system; and

(c) maintains an accounting system that provides access to primary source documents and data that contain the transactions that are recorded on the electronic data processing system. R.R.O. 1990, Reg. 984, s. 4 (3).

5. For the purposes of subsection 4 (4) of the Act, an operator may destroy records and books of account required to be kept under the Act if,

(a) the records and books of account relate to a fiscal year of the operator that ended not later than sixty months before the beginning of the fiscal year during which the records or books of account will be destroyed;

(b) the records and books of account are for a period for which all returns required under the Act have been filed and all tax assessed by the Minister has been paid;

(c) the records and books of account are for a period for which there is no unresolved dispute concerning any tax payable by any person or to have been collected by the operator retaining the records and books of account, and for which the time limit for filing any Notice of Objection to any assessment of tax has expired;

(d) any demand for the production of the records or books of account made by the Minister under section 5 or 6 of the Act has been met to the satisfaction of the Minister; and

(e) written notice has not been given by the Minister to the operator requiring the retention of the records or books of account. R.R.O. 1990, Reg. 984, s. 5.