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O. Reg. 219/06: ONTARIO RESEARCH EMPLOYEE STOCK OPTION OVERPAYMENT

filed May 23, 2006 under Income Tax Act, R.S.O. 1990, c. I.2

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ontario regulation 219/06

made under the

Income tax act

Made: May 3, 2006
Filed: May 23, 2006
Published on e-Laws: May 24, 2006
Printed in The Ontario Gazette: June 10, 2006

Amending O. Reg. 306/04

(Ontario Research Employee Stock Option Overpayment)

1. (1) Subsection 2 (1) of Ontario Regulation 306/04 is revoked and the following substituted:

(1) The rate of interest referred to in subsection 8.8 (2) of the Act, that is in effect for a particular day before July 1, 2006 in respect of a refund of an individual’s Ontario research employee stock option tax overpayment is the daily rate equivalent to an annual interest rate that is two percentage points lower than the base rate of interest in effect for that day. 

(1.1) The rate of interest referred to in subsection 8.8 (2) of the Act, that is in effect for a particular day after June 30, 2006 in respect of a refund of an individual’s Ontario research employee stock option tax overpayment is the daily rate equivalent to an annual interest rate that is three percentage points lower than the base rate of interest in effect for that day.

(2) Subsection 2 (2) of the Regulation is amended by striking out “Despite subsection (1)” at the beginning and substituting “Despite subsections (1) and (1.1)”.