s. 1
— Definition
In this regulation, Act means the Income Tax Act.
s. 2
— Interest payable to government
s. 2(1)
For the purposes of section 252 (3) of the Act, interest payable to the government under Part 15 of the Act must be calculated on a daily basis and compounded monthly.
s. 2(2)
For the purposes of section 252 (3) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in each year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.