O. Reg. 398/96: INTEREST ON TAX REFUNDS

Land Transfer Tax Act
Loi sur les droits de cession immobilière

ONTARIO REGULATION 398/96

INTEREST ON TAX REFUNDS

Historical version for the period August 15, 1997 to April 22, 2018.

Disclaimer: This consolidation is not an official copy of the law because it is affected by one or more retroactive provisions which have not been incorporated into it. For information about the retroactive provisions, see O. Reg. 308/18, subsection 4 (2).

Last amendment: 310/97.

Legislative History: 310/97.

This Regulation is made in English only.

1. If the Minister makes a refund under section 8 of the Act or under a regulation made under the Act, or makes a rebate of tax under subsection 18 (2) of the Act, interest shall be paid or applied on the amount of the refund or rebate, calculated at the prescribed rate, for the period from the date on which the amount that is refunded or rebated was paid to the Minister to the earlier of,

(a) the day the refund or rebate is made; and

(b) June 30, 1993.  O. Reg. 398/96, s. 1.

2. (1) If, as a result of an objection made under section 13 of the Act or an appeal under section 14, the Minister makes a refund or rebate, interest shall be paid or applied on the amount of the refund or rebate, calculated at the prescribed rate, for the period from the interest adjustment date set out in subsection (2) to the earlier of,

(a) the day the refund is made; or

(b) June 30, 1993.  O. Reg. 398/96, s. 2 (1).

(2) For the purposes of subsection (1),

(a) the interest adjustment date for a tax refund under section 9 of the Act is the day that is the later of the day the Minister issued a notice of disallowance of the refund under subsection 8 (7) of the Act and the first day on which the applicant for the refund can prove that he or she qualified for the refund; and

(b) the interest adjustment date in all other cases is the date on which the amount that is refunded or rebated was paid to the Minister.  O. Reg. 398/96, s. 2 (2).

(3) No interest is payable under the Act on an amount that is refunded or rebated to a person with respect to the period from the date the person paid the amount until the interest adjustment date.  O. Reg. 398/96, s. 2 (3).

3. (1) If, on a particular date after June 30, 1993, an overpayment is payable to a person, interest shall be paid or applied on the amount of the overpayment calculated at the prescribed rate and compounded daily from the day that is the later of July 1, 1993 and the day on which the overpayment arose to the date on which the overpayment is paid or applied under subsection 8 (8) of the Act.  O. Reg. 398/96, s. 3 (1).

(2) For the purposes of subsection (1), the amount of an overpayment payable to a person on a particular date is the amount by which,

(a) the total of all amounts paid by the person to the Minister under the Act before that date,

exceeds,

(b) the total of all amounts payable under the Act by the person before that date and all amounts refunded, rebated or paid to the person under the Act or the regulations made under the Act, or applied by the Minister under subsection 8 (8) of the Act.  O. Reg. 398/96, s. 3 (2).

4. (1) Revoked:  O. Reg. 310/97, s. 2.

(2) Interest shall not be paid or applied under this Regulation with respect to a refund, rebate or overpayment where the amount of the interest would be less than $1.  O. Reg. 398/96, s. 4 (2).

5. Omitted (provides for coming into force of provisions of this Regulation).  O. Reg. 398/96, s. 5.