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Brief
The Interest Rate for Customs Purposes Regulations were made by Her Excellency the Governor General in Council, pursuant to subsection 164(2) of the Customs Act, subsection 13(6) of the Customs Tariff, section 44 of the Duties Relief Act, and subsection 97(2) of the Special Import Measures Act. The regulations come into force on a specified date and prescribe rules for determining a rate of interest for customs purposes.
The regulations apply to the Customs Act and the Customs Tariff, as well as the Special Import Measures Act. They specify that the prescribed rate of interest in effect during any quarter is determined by the formula A ÷ 12, where A 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 sold at auctions during the first month of the preceding quarter.
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