Interest and Administrative Charges Regulations

2 In these Regulations,

Act

Act means the Financial Administration Act; (Loi)

average bank rate

average bank rate means the weighted arithmetic average of the bank rates that are established during the month before the month in respect of which interest is being calculated; (taux d’escompte moyen)

bank rate

bank rate means the rate of interest established periodically by the Bank of Canada as the minimum rate at which the Bank of Canada makes short term advances to members of the Canadian Payments Association; (taux d’escompte)

concessionary loan

concessionary loan means a loan bearing no interest or a rate of interest that is three or more percentage points below the average cost of borrowing of the Government of Canada on the day the loan agreement is entered into; (prêt assorti de conditions privilégiées)

demand for payment

demand for payment means a demand for payment in writing and includes an invoice, bill, statement and assessment; (demande de paiement)

due date

due date means, in relation to an amount owing to Her Majesty

• (a) for the provision of goods or services or the use of facilities,

  • (i) the due date specified in a demand for payment for, or included in the terms and conditions of, the provision of the goods or services or the use of the facilities, as the case may be, or

  • (ii) where no date has been specified or included as indicated in subparagraph (i), the day that is 30 days after the day on which a demand for payment is issued,

• (b) with respect to a repayable contribution,

  • (i) every day on which a scheduled repayment is to be made in accordance with the terms and conditions of the contribution, or

  • (ii) where no repayment schedule for the contribution has been specified, the day that is 30 days after the day on which a demand for payment is issued,

• (c) with respect to the recovery of an overpayment or erroneous payment,

  • (i) every day on which a scheduled repayment is to be made, or

  • (ii) where no repayment schedule has been arranged, the day that is 30 days after the day on which a demand for payment is issued,

• (d) with respect to a licence, lease, loan, including a hypothecary loan, or a mortgage, every day on which a payment is to be made in accordance with the licence, lease, loan or mortgage agreement,

• (e) with respect to an accountable advance, the day on which repayment of any balance owing to Her Majesty is to be made in accordance with the Accountable Advances Regulations, and

• (f) for any other reason,

  • (i) any day on which payment is to be made in accordance with the applicable Act of Parliament, regulation, order, contract or arrangement, or

  • (ii) where a day referred to in subparagraph (i) cannot be determined, the day that is 30 days after the day on which a demand for payment is issued; (date d’échéance)

financial institution

financial institution means an institution, corporation or other entity, incorporated, continued or formed by or under an Act of Parliament or the legislature of a province or the laws of a foreign state or political subdivision thereof, that holds deposits and honours cheques and other payment instructions on behalf of its clients and includes a bank, a trust company and a cooperative credit society; (institution financière)

in writing

in writing includes in any electronic form that is capable of being reproduced in intelligible, written form within a reasonable time; (par écrit)

pre-authorized debit

pre-authorized debit means a debit to a debtor’s credit card account or other account with a financial institution that is initiated by the creditor, in accordance with a prior authorization given by the debtor to the creditor. (prélèvement automatique)