Interest on Deferred Cottage Property Taxes Regulation

Interest on Deferred Cottage Property Taxes Regulation, M.R. 115/2010 The Property Tax and Insulation Assistance Act , C.C.S.M. c. P143 Regulation 115/2010 Registered August 16, 2010 bilingual version (HTML) Definitions 1 The following definitions apply in this regulation. "Act" means The Property Tax and Insulation Assistance Act . («  Loi ) "prime rate" means (a) for the period from January 1 to June 30 of any year, the prime lending rate, expressed as a percentage, of the Royal Bank of Canada as it stood on January 1 of that year; and (b) for the period from July 1 to December 31 of any year, the prime lending rate, expressed as a percentage, of the Royal Bank of Canada as it stood on July 1 of that year. (« taux préférentiel ») Interest on deferred cottage property taxes 2(1) The rate of interest payable in respect of a debt incurred under Part I.1 of the Act (Deferral of Property Taxes Increases for Cottage Owners) is the prime rate. 2(2) The interest is to be compounded monthly from the due date for the payment of the cottage property taxes that were the subject of the deferral that gave rise to the debt to the date that the debt is paid in full. Coming into force 3 This regulation is deemed to have come into force on June 30, 2010.