I-3 - Taxation Act

Section 1040 Disposition versions

2006-03-01

1040. Every taxpayer required to make a payment pursuant to sections 1025 to 1027 shall, in addition to interest payable under section 1038, pay additional interest at the rate of 10% per annum, for the period for which interest is payable under section 1038, on any unpaid payment or part of a payment.

The first paragraph does not apply where the amount paid by a taxpayer is

(a)  where the taxpayer is a corporation, equal to or greater than 90% of the payment the taxpayer was required to make; and

(b)   where the taxpayer is an individual, equal to or greater than 75% of the payment the taxpayer was required to make.

1972, c. 23, s. 764; 1972, c. 26, s. 74; 1973, c. 17, s. 120; 1977, c. 26, s. 114; 1986, c. 15, s. 184; 1989, c. 5, s. 215; 1992, c. 31, s. 2; 1993, c. 19, s. 133; 1993, c. 64, s. 173; 2002, c. 46, s. 3; 2003, c. 9, s. 370; 2005, c. 1, s. 272.