Interest Sect. 7.7

7.7 (1) This section applies with respect to registration years that end on or after December 9, 2002. 2004, c. 31, Sched. 18, s. 2.

Interest payable on unpaid fees and penalties

(2) Interest is payable to the Minister on the amount of any unpaid fees and penalties owed to the Minister and on the amount of any unpaid fees and taxes owed to another member of the International Registration Plan and collected by Ontario pursuant to the Plan. 2004, c. 31, Sched. 18, s. 2.

(3) Interest is payable for the period commencing on the day after the last day of the registration year for which the unpaid amount is owed until the date on which the unpaid amount, including interest, is paid. 2004, c. 31, Sched. 18, s. 2.

Interest rate

(4) Interest is to be calculated at the rate or rates determined in accordance with the regulations. 2004, c. 31, Sched. 18, s. 2.

Waiver of interest

(5) Despite subsection (2), the Minister may exempt a person from payment of part or all of the interest owing in respect of a registration year if the Minister is of the opinion that owing to special circumstances it is inequitable to charge and collect the whole amount of the interest. 2004, c. 31, Sched. 18, s. 2.

Decision final

(6) The Ministers decision under subsection (5) about whether to exempt a person from the payment of interest and the amount of the exemption, if any, is final and not subject to review. 2004, c. 31, Sched. 18, s. 2.

Transition

(7) Interest in respect of a period before the date on which the Budget Measures Act (Fall), 2004 receives Royal Assent is to be determined in accordance with this section as it reads on and after that date, and not in accordance with this section as it read before that date. 2004, c. 31, Sched. 18, s. 2.