O. Reg. 257/06: GENERAL

 

ontario regulation 257/06

made under the

crown forest sustainability act, 1994

Made: June 7, 2006
Filed: June 9, 2006
Published on e-Laws: June 12, 2006
Printed in The Ontario Gazette: June 24, 2006

Amending O. Reg. 167/95

(General)

1. Section 6 of Ontario Regulation 167/95 is revoked and the following substituted:

6. (1) Interest is payable on payments of Crown charges that are overdue using the rate of interest determined in accordance with the following rules: 

1. A base rate of interest shall be determined for January 1, 2006 and for each adjustment date after January 1, 2006 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 rate of interest payable by a person under this section 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.

(2) In subsection (1),

“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.