Interest rate on amounts due under certain Acts

1   The rate of interest under the Employer Health Tax Act, Forest Act, Gaming Control Act, Hotel Room Tax Act, Insurance Premium Tax Act, Logging Tax Act, Social Service Tax Act, Succession Duty Repeal Act, S.B.C. 1977, c. 20, Tobacco Tax Act, Carbon Tax Act, Consumption Tax Rebate and Transition Act, Provincial Sales Tax Act or Part 7.1 of the South Coast British Columbia Transportation Authority Act is

(a) during

(i) the period from July 1, 1983 until September 30, 1983, 1 1/2% above the prime lending rate of the principal banker to the Province on June 15, 1983, and

(ii) each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in each year, 1 1/2% 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, and

(b) during each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in each year, commencing October 1, 1992, 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.

[en. B.C. Reg. 77/98, s. 1; am. B.C. Regs. 347/2002, s. 1; 59/2003, s. (d); 301/2005, s. 2; 126/2008, s. 4 (a); 112/2010, App., s. 8; 216/2010, Sch., s. 3; 91/2013, Sch., s. 4; 101/2015, s. 3; 268/2018, s. (b); 66/2019, s. 3.]

Interest rate under Assessment Authority Act

2   The rate of interest for the purpose of section 20 (6) of the Assessment Authority Act is the rate of interest determined in accordance with section 1 (a) and (b).

[am. B.C. Reg. 77/98, s. 2.]

Interest rate re Taxation (Rural Area) Act

3   The rate of interest under section 11 (3) of the Taxation (Rural Area) Act is

(a) during the period from April 1, 2017 until June 30, 2017, 3% above the prime lending rate of the principal banker to the Province on March 15, 2017, and

(b) during each successive 3 month period beginning on July 1, October 1, January 1 and April 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.

[en. B.C. Reg. 73/2017.]

Interest rate re School Act

4   The rate of interest under section 125 (4) of the School Act shall be

(a) during the period August 31, 1992 until September 30, 1992, 1% below the prime lending rate of the principal banker to the Province, and

(b) during each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in every year, 1% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that period.

[am. B.C. Reg. 77/98, s. 3.]

Interest rate under Motor Fuel Tax Act

5   The rate of interest under section 48 of the Motor Fuel Tax Act is,

(a) in relation to a tax due on purchases or use of fuel by licensed carriers, as that term is defined in the Motor Fuel Tax Act, the rate determined in accordance with Article XII, R1230 of the International Fuel Tax Agreement, and

(b) for all other amounts due under the Motor Fuel Tax Act, the rate determined in accordance with section 1 (a) and (b) of this regulation.

[en. B.C. Reg. 224/2023.]

Interest rate re Police Act

6   The rate of interest for the purposes of section 66.71 of the Police Act is,

(a) during the period June 10, 2007 until September 30, 2007, 1% below the prime lending rate of the principal banker to the Province, and

(b) during each successive 3 month period beginning on October 1, January 1, April 1 and July 1 in every year, 1% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that period.

[en. B.C. Reg. 165/2007.]

Interest rate re Speculation and Vacancy Tax Act

7   For the purposes of section 89 of the Speculation and Vacancy Tax Act, the rate of interest is,

(a) during the period from January 1, 2019 until March 31, 2019, 3% above the prime lending rate of the principal banker to the Province on December 15, 2018, and

(b) during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in every 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.

[en. B.C. Reg. 276/2018.]