Bill C-36

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Royal Assent

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	(ii) the person was, because of this paragraph, a financial institution throughout that preceding taxation year.
Threshold amounts	71. Notwithstanding subsection 249(1) of the Excise Tax Act, for the purposes of sections 245, 247 and 248 of that Act, the threshold amount of a person to whom section 68 or 70 applies for the particular fiscal year of the person that begins on
	(a) January 1, 1997, where section 68 applies, and
	(b) January 1, 1996, where section 70 applies,
	is the greater of
	(c) the amount that would be determined under the said subsection 249(1) to be that threshold amount if the number of days referred to in the descriptions of B and D in that subsection were 365, and
	(d) the threshold amount of the person, as determined under the said subsection 249(1), for the fiscal year of the person immediately preceding the particular fiscal year.
	PART IV
R.S., c. 18, (3rd Supp.) Part I; 1991, cc. 24, 45, 46, 47; 1992, cc. 1, 56; 1994, c. 26	OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT
	Amendment to Act
	*72. (1) Subsection 23(7) of the Office of the Superintendent of Financial Institutions Act* is replaced by the following:**
Interest	(7) Interest may be charged on the unpaid amount of any assessment or interim assessment under subsection (3) or (4) at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus two per cent.
	(2) Subsection (1) applies to interest that is calculated in respect of periods that are after June 1995.
	Conditional Amendment
1991, c. 24	73. If this Act is assented to before section 10 of Schedule III to An Act to amend the Financial Administration Act and other Acts in consequence thereof, being chapter 24 of the Statutes of Canada, 1991, comes into force, then, on the coming into force of this section, section 10 of Schedule III to that Act and the heading before it are repealed.
	PART V
R.S. c. O-9; R.S., c. 34 (1st Supp.), cc. 1, 51 (4th Supp.); 1990, c. 39; 1991, c. 44; 1992, cc. 24, 48; 1995, c. 33	OLD AGE SECURITY ACT
	*74. Subsection 33(2) of the Old Age Security Act* is amended by adding the following after paragraph (a):**
	(a.1) the Department of National Revenue, where such information is necessary for the administration of the Income Tax Act;
	PART VI
R.S., c. S-9; R.S., cc. 27, 31 (1st Supp.), cc. 1, 27 (2nd Supp.), c. 6 (3rd Supp.), c. 40 (4th Supp.); 1989, cc. 3, 17; 1990, cc. 16, 17, 44; 1991, c. 24; 1992, cc. 1, 27, 31, 51; 1993, c. 36; 1994, cc. 24, 41; 1995, cc 1, 5	CANADA SHIPPING ACT
R.S., c. 6 (3rd Supp.), s. 84	*75. (1) Subsection 723(1) of the Canada Shipping Act* is replaced by the following:**
Claimants entitled to interest	723. (1) Interest accrues on any claim under this Part against a ship owner, the guarantor of a ship owner, the Ship-source Oil Pollution Fund or the International Fund at the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time.
	(2) Subsection (1) applies to interest that is calculated in respect of periods that are after June 1995.