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I-3 - Taxation Act

Section 487.4
Disposition versions

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487.4. The amount to which section 487.3 refers is the amount by which the aggregate of all amounts each of which is the interest in respect of each such debt, computed at the prescribed rate for the period of the year in which it was unpaid, exceeds the aggregate of all amounts each of which is
(a)  the amount of interest paid for the year in respect of each such debt (other than debts incurred as or on account of loans that are deemed to have been received under section 113.4) not later than 30 days after the end of the year; or
(b)  the amount of interest determined, for the year, in respect of each debt incurred as or on account of loans that are deemed to have been received under section 113.4.
1983, c. 44, s. 26; 1986, c. 19, s. 114; 2020, c. 16, s. 72.
487.4. The amount provided for by section 487.3 is obtained by subtracting the interest paid for the year in respect of each such debt not later than 30 days after the end of the year or on 31 December 1982, whichever is later, from the interest in respect of each such debt, computed at the prescribed rate, in respect of the debt for the period of the year in which it was unpaid.
1983, c. 44, s. 26; 1986, c. 19, s. 114.
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