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Analysis/Commentary --- David Sherman's Notes --- Legislation [Sherman's

Notes] --- GST Regulations [Sherman's Notes] --- Interest Rates (Excise Tax
Act) Regulations, 5
5 -- Notes
Prescribed interest rates under the GST/HST to date are:
From 1991 (beginning of GST) through March 2007
Period

Monthly
(prescribed)

Daily
(calculated)

Annualized
equivalent

Jan 1-Mar 31, 1991

1.0%

0.0333%

12.1667%

Apr 1-Jun 30, 1991

0.9%

0.0297%

10.8297%

Jul 1-Sep 30, 1991

0.8%

0.0261%

9.5217%

Oct 1-Dec 31, 1991

0.7%

0.0228%

8.3314%

Jan 1-Mar 31, 1992

0.7%

0.0231%

8.4461%

Apr 1-Jun 30, 1992

0.6%

0.0198%

7.2396%

Jul 1-Sep 30, 1992

0.6%

0.0196%

7.1608%

Oct 1-Dec 31, 1992

0.4%

0.0130%

4.7739%

Jan 1-Mar 31, 1993

0.6%

0.0200%

7.3000%

Apr 1-Jun 30, 1993

0.6%

0.0198%

7.2198%

Jul 1-Sep 30, 1993

0.4%

0.0130%

4.7608%

Oct 1-Dec 1, 1993

0.4%

0.0130%

4.7608%

Jan 1-Mar 31, 1994

0.4%

0.0133%

4.8667%

Apr 1-Jun 30, 1994

0.3%

0.0099%

3.6099%

Jul 1-Sep 30, 1994

0.5%

0.0163%

5.9511%

Oct 1-Dec 31, 1994

0.5%

0.0163%

5.9511%

Jan 1-Mar 31, 1995

0.4%

0.0133%

4.8667%

Apr 1-Jun 30, 1995

0.6%

0.0198%

7.2198%

Jul 1-Sep 30, 1995

0.7%

0.0228%

8.3315%

Oct 1-Dec 31, 1995

0.5%

0.0163%

5.9511%

Jan 1-Mar 31, 1996

0.6%

0.0198%

7.2396%

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Apr 1-Jun 30, 1996

0.5%

0.0165%

6.0330%

Jul 1-Sep 30, 1996

0.4%

0.0130%

4.7739%

Oct 1-Dec 31, 1996

0.4%

0.0130%

4.7739%

Jan 1-Mar 31, 1997

0.3%

0.0100%

3.6500%

Apr 1-Jun 30, 1997

0.2%

0.0066%

2.4066%

Jul 1-Sep 30, 1997

0.3%

0.0098%

3.5707%

Oct 1-Dec 31, 1997

0.3%

0.0098%

3.5707%

Jan 1-Mar 31, 1998

0.3%

0.0100%

3.6500%

Apr 1-Jun 30, 1998

0.3%

0.0099%

3.6099%

Jul 1-Sep 30, 1998

0.4%

0.0130%

4.7609%

Oct 1-Dec 31, 1998

0.4%

0.0130%

4.7609%

Jan 1-Mar 31, 1999

0.4%

0.0133%

4.8667%

Apr 1-Jun 30, 1999

0.4%

0.0132%

4.8132%

Jul 1-Sep 30, 1999

0.4%

0.0130%

4.7609%

Oct 1-Dec 31, 1999

0.4%

0.0130%

4.7609%

Jan 1-Mar 31, 2000

0.4%

0.0132%

4.8264%

Apr 1-Jun 30, 2000

0.4%

0.0132%

4.8264%

Jul 1-Sep 30, 2000

0.5%

0.0163%

5.9673%

Oct 1-Dec 31, 2000

0.5%

0.0163%

5.9673%

Jan 1-Mar 31, 2001

0.5%

0.0167%

6.0833%

Apr 1-Jun 30, 2001

0.4%

0.0132%

4.8132%

Jul 1-Sep 30, 2001

0.4%

0.0130%

4.7609%

Oct 1-Dec 31, 2001

0.4%

0.0130%

4.7609%

Jan 1-Mar 31, 2002

0.2%

0.0067%

2.4333%

Apr 1-Jun 30, 2002

0.2%

0.0066%

2.4066%

Jul 1-Sep 30, 2002

0.2%

0.0065%

2.3804%

Oct 1-Dec 31, 2002

0.2%

0.0065%

2.3804%

Jan 1-Mar 31, 2003

0.2%

0.0067%

2.4333%

Apr 1-Jun 30, 2003

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0.2%

0.0066%

2.4066%

Jul 1-Sep 30, 2003

0.3%

0.0098%

3.5707%

Oct 1-Dec 31, 2003

0.2%

0.0065%

2.3804%

Jan 1-Mar 31, 2004

0.2%

0.0066%

2.4134%

Apr 1-Jun 30, 2004

0.2%

0.0066%

2.4134%

Jul 1-Sep 30, 2004

0.2%

0.0065%

2.3869%

Oct 1-Dec 31, 2004

0.2%

0.0065%

2.3869%

Jan 1-Mar 31, 2005

0.2%

0.0067%

2.4333%

Apr 1-Jun 30, 2005

0.2%

0.0066%

2.4066%

Jul 1-Sep 30, 2005

0.2%

0.0065%

2.3804%

Oct 1-Dec 31, 2005

0.2%

0.0065%

2.3804%

Jan 1-Mar 31, 2006

0.2%

0.0067%

2.4333%

Apr 1-Jun 30, 2006

0.3%

0.0099%

3.6099%

Jul 1-Sep 30, 2006

0.3%

0.0098%

3.5707%

Oct 1-Dec 31, 2006

0.3%

0.0098%

3.5707%

Jan 1-Mar 31, 2007

0.3%

0.0100%

3.6500%

From April 2007 through June 2010 (annual rate, compounded)

Period

Late GST

Refunds

Apr 1-Jun 30, 2007

9%

7%

Jul 1-Sep 30, 2007

9%

7%

Oct 1-Dec 31, 2007

9%

7%

Jan 1-Mar 31, 2008

8%

6%

Apr 1-Jun 30, 2008

8%

6%

Jul 1-Sep 30, 2008

7%

5%

Oct 1-Dec 31, 2008

7%

5%

Jan 1-Mar 31, 2009

6%

4%

Apr 1-Jun 30, 2009

5%

3%

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Jul 1-Sep 30, 2009

5%

3%

Oct 1-Dec 31, 2009

5%

3%

Jan 1-Mar 31, 2010

5%

3%

Apr 1-Jun 30, 2010

5%

3%

Effective July 2010 (annual rate, compounded)

Period

Late GST

Refunds
(corporations)

Refunds
(others)

Jul 1-Sep 30, 2010

5%

1%

3%

Oct 1-Dec 31, 2010

5%

1%

3%

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