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Interest Rates (Excise Tax Act) Regulations

Version of section 3 from 2006-09-28 to 2008-02-06:

Marginal note:Rate in respect of GST/HST

 Despite section 2, for the purposes of Part IX of the Excise Tax Act, the prescribed rate of interest in effect during any quarter is the rate (expressed as a percentage per month and rounded to the nearest one tenth of a percentage or, if the percentage is equidistant from two consecutive multiples of one tenth of a percentage, to the higher of them) determined by the formula



is the simple arithmetic mean of all amounts, each of which is the average equivalent yield (expressed as a percentage per year) of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that were sold at auctions of Government of Canada Treasury Bills during the first month of the immediately preceding quarter.

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