Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 84(1) and paragraph 84(2)(d) of the Air Travellers Security Charge Act a, hereby makes the annexed Interest Rates (Air Travellers Security Charge Act) Regulations. S.C. 2002, c. 9, s. 5
The following definitions apply in these Regulations
basic rate in respect of a particular quarter, means the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury bills during the first month of the quarter preceding the particular quarter. (taux de base)
quarter means any period of three consecutive months beginning on January 1, April 1, July 1 or October 1. (trimestre)
For the purpose of the Air Travellers Security Charge Act, the prescribed rate of interest in effect during a particular quarter that begins after March 2002 and that ends before April 2007 is the rate (expressed as a percentage per month and rounded to the nearest one tenth of a percentage or, if the percentage is equidistant from two consecutive multiples of one tenth of a percentage, to the higher of them) determined by the formula A/12 where A is the simple arithmetic mean of all amounts, each of which is the average equivalent yield (expressed as a percentage per year) of Government of Canada Treasury bills that mature approximately three months after their date of issue and that were sold at auctions of Government of Canada Treasury bills during the first month of the immediately preceding quarter.
For the purpose of the Air Travellers Security Charge Act, the prescribed rate of interest in effect during a particular quarter that begins after March 2007 is
in the case of interest to be paid to the Receiver General, the sum of the basic rate in respect of the particular quarter and 4%;
in the case of interest to be paid or applied on an amount payable by the Minister to a person other than a corporation, the sum of the basic rate in respect of the particular quarter and 2%; and
in the case of interest to be paid or applied on an amount payable by the Minister to a corporation, the basic rate in respect of the particular quarter.
These regulations are deemed to have come into force on April 1, 2002.