Marginal note:Compound interest on amounts not paid when required
170 (1) If a person fails to pay an amount to the Receiver General as and when required under this Act, the person shall pay to the Receiver General interest on the amount. The interest shall be compounded daily at the prescribed rate and computed for the period beginning on the first day after the day on which the amount was required to be paid and ending on the day the amount is paid.
Marginal note:Payment of interest that is compounded
(2) For the purposes of subsection (1), interest that is compounded on a particular day on an unpaid amount of a person is deemed to be required to be paid by the person to the Receiver General at the end of the particular day, and, if the person has not paid the interest so computed by the end of the day after the particular day, the interest shall be added to the unpaid amount at the end of the particular day.
Marginal note:Minister may issue notice
(3) The Minister may serve or send to a person who is required under this Act to pay an amount that may consist of principal and interest a notice specifying the amount owed by the person and a date by which the payment must be made.
Marginal note:Effect of notice
(4) If the person to whom a notice referred to in subsection (3) is served or sent pays in full the specified amount within the specified time, interest is not payable, despite subsection (1), on the amount for the period beginning on the date of the notice and ending on the day on which the amount is paid.
Marginal note:Minimal interest amounts
(5) If at any time a person has paid all amounts, other than interest, owed to Her Majesty under this Act and, immediately before that time, the total amount of interest owed by the person under this Act is less than the prescribed amount, the Minister may write off and cancel the interest owed.
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