386/92

O.C. 1523/92

October 1, 1992

Assessment Authority, Carbon Tax, Consumption Tax Rebate and Transition, Employer Health Tax, Forest, Gaming Control, Hotel Room Tax, Insurance Premium Tax, Logging Tax, Motor Fuel Tax, Police, Provincial Sales Tax, Residential Property (Short-Term Holding) Profit Tax, School, Social Service Tax, South Coast British Columbia Transportation Authority, Speculation and Vacancy Tax, Succession Duty Repeal, Taxation (Rural Area) and Tobacco Tax Acts

Interest Rate under Various Statutes Regulation

[Last amended January 1, 2025 by B.C. Reg. 282/2024]

386_92_pit

Interest rate on amounts due under certain Acts

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

during

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

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

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

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 under Taxation (Rural Area) Act

The rate of interest under

section 11 (3) of the Taxation (Rural Area) Act is

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

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 under School Act

The rate of interest under

section 125 (4) of the School Act shall be

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

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

The rate of interest under

section 48 of the Motor Fuel Tax Act is,

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 the International Fuel Tax Agreement,

Article XII, R1230 (Interest), as that provision is amended from time to time, and

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; am. B.C. Reg. 181/2024.]

Interest rate under Police Act

The rate of interest for the purposes of

section 66.71 of the Police Act is,

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

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 under Speculation and Vacancy Tax Act

For the purposes of

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

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

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.]

Interest rate under Residential Property (Short-Term Holding) Profit Tax Act

For the purposes of

section 59 of the Residential Property (Short-Term Holding) Profit Tax Act , the rate of interest for each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in every year is 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. 282/2024.]

[Provisions relevant to the enactment of this regulation:

Assessment Authority Act , R.S.B.C. 1996, c. 21, s. 20,

Carbon Tax Act , S.B.C. 2008, c. 40, ss. 55 and 55.1,

Consumption Tax Rebate and Transition Act , S.B.C. 2010, c. 5, s. 64,

Employer Health Tax Act , S.B.C. 2018, c. 42, s. 107,

Forest Act , R.S.B.C. 1996, c. 157, s. 142.51,

Gaming Control Act , S.B.C. 2002, c. 14, s. 17,

Hotel Room Tax Act , R.S.B.C. 1996, c. 207, s. 23 (1.1),

Insurance Premium Tax Act , R.S.B.C. 1996, c. 232, ss. 7, 7.1, 11, 14, 15.1 and 19,

Logging Tax Act , R.S.B.C. 1996, c. 277, ss. 15, 15.1, 15.11 and 15.2,

Motor Fuel Tax Act , R.S.B.C. 1996, c. 317, ss. 48, 48.1 and 71,

Police Act , R.S.B.C. 1996, c. 367, s. 66.71,

Provincial Sales Tax Act , S.B.C. 2012, c. 35, ss. 206 and 206.1,

Residential Property (Short-Term Holding) Profit Tax Act , S.B.C. 2024, c. 14, ss. 59 and 102,

School Act , R.S.B.C. 1996, c. 412, s. 125,

Social Service Tax Act , R.S.B.C. 1996, c. 431, s. 25 (1.1),

South Coast British Columbia Transportation Authority Act , S.B.C. 1998, c. 30, s. 169.38,

Speculation and Vacancy Tax Act , S.B.C. 2018, c. 46, s. 139 (1),

Succession Duty Repeal Act , S.B.C. 1977, c. 20, s. 7.1,

Taxation (Rural Area) Act , R.S.B.C. 1996, c. 448, ss. 11, 13, 21.1, 24.1, 35, 37 and 48,

Tobacco Tax Act , R.S.B.C. 1996, c. 452, s. 35.]