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O. Reg. 456/05: Tax Incentive for Investing in Ontario Jobs and Opportunity Bonds
filed August 3, 2005 under Income Tax Act, R.S.O. 1990, c. I.2
Skip to contentontario regulation 456/05
made under the
Income Tax Act
Made: August 2, 2005
Filed: August 3, 2005
Printed in The Ontario Gazette: August 20, 2005
Amending O. Reg. 156/03
(Tax Incentive for Investing in Ontario Jobs and Opportunity Bonds)
1. Subsections 9 (1) and (5) of Ontario Regulation 156/03 are amended by striking out “Ontario Municipal Economic Infrastructure Financing Authority” wherever it appears and substituting in each case “Ontario Strategic Infrastructure Financing Authority”.
2. (1) Subsection 11 (2) of the Regulation is revoked and the following substituted:
(2) If an individual’s refund for a taxation year is paid or applied to a liability of the individual, the Provincial Minister shall pay or apply interest on the refund at the rate determined under section 12 for,
(a) the period that begins on the day that is 45 days after the balance-due day of the taxpayer for the taxation year, if the taxation year commences before January 1, 2005, and that ends on the day when the refund is paid or applied; or
(b) the period that begins on the day that is 30 days after the balance-due day of the taxpayer for the taxation year, if the taxation year commences after December 31, 2004, and that ends on the day when the refund is paid or applied.
(2) Section 11 of the Regulation is amended by adding the following subsection:
(5) Interest that is payable or to be applied under subsection (2) shall be compounded daily and, if the interest is unpaid or unapplied, as the case may be, on the day that the interest would, but for this subsection, have ceased to be computed under subsection (2), interest at the rate determined under section 12 shall be compounded daily on the interest that is unpaid or unapplied from that day to the day it is paid or applied, as applicable.
(3) Section 11 of the Regulation is amended by adding the following subsection:
(6) In this section,
“balance-due day” means, in respect of taxpayer for a taxation year, the day that is the balance-due day under the Federal Act in respect of the taxpayer for the taxation year.
3. (1) Subject to subsections (2) and (3), this Regulation comes into force on the day it is filed.
(2) Section 1 shall be deemed to have come into force on May 18, 2004.
(3) Subsection 2 (2) shall be deemed to have come into force on March 27, 2003.
Made by:
Gregory Sorbara
Minister of Finance
Date made: August 2, 2005.