I-3, r. 1 - Regulation respecting the Taxation Act

Section 487.2r1 Disposition versions

2012-09-01

487.2R1. For the purposes of section 487.2 of the Act, the debt bears interest, during any particular period, at a rate that corresponds to the rate determined, during that period, under subparagraph i of paragraph a of section 4301 of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).

Despite the foregoing, the debt bears interest at the annual rate of interest to be paid on the debt

(a)  where the debt was contracted before 1 January 1974 and the rate is less than 8% and cannot be determined again after 31 December 1973; or

(b)  for the period preceding the day on which the rate can be determined again for the first time after 30 April 1987, where the debt was contracted before 1 January 1974 and the rate is less than 8% and can be determined again after 31 December 1973 but cannot be determined again before 1 May 1987.

s. 487.2R1; O.C. 1981-80, s. 487.1R1; O.C. 1983-80, s. 31; O.C. 2456-80, s. 12; R.R.Q., 1981, c. I-3, r. 1, s. 487.2R1; O.C. 2727-84, s. 14; O.C. 1666-90, s. 10; O.C. 1114-92, s. 27; O.C. 35-96, s. 86; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1; O.C. 390-2012, s. 37.