Definitions

1   In this regulation:

"Act" means the Taxation (Rural Area) Act;

"due date", in relation to taxes levied under the Act on a property, means the day on which the taxes are due and payable;

"home owner grant", in relation to taxes levied under the Act on a property, means a grant in respect of those taxes for which an application has been made under section 8 of the Home Owner Grant Act on or before the due date for those taxes;

"Interest Regulation" means the Interest on Overdue Accounts Payable Regulation, B.C. Reg. 215/83.

Receipt of deposit authorized

2   (1) Subject to this section, the Surveyor of Taxes may receive one or more deposits of money paid by or on behalf of a taxpayer to be applied to taxes levied under the Act on the property of the taxpayer set out on a taxation roll.

(2) The Surveyor of Taxes may receive deposits of money under subsection (1) in respect of taxes levied on a property

(a) for the 2017 tax year, during the period that begins on January 1, 2017 and ends on May 15, 2017, and

(b) for a tax year after 2017, during the period that

(i) begins on the day after the due date for the taxes levied on the property for the immediately preceding tax year, and

(ii) ends on May 15 of the tax year.

(3) The Surveyor of Taxes may not receive a deposit of money under subsection (1) in respect of the taxes levied on a property for a tax year if the total amount of all deposits and interest earned on the deposits to be applied in respect of those taxes would exceed the amount calculated by subtracting, from the amount of the taxes levied on the property for the immediately preceding tax year, the amount of the home owner grant, if any, applied for in respect of those taxes.

Interest

3   (1) The government must pay interest, in accordance with this section, on money deposited under section 2 in respect of taxes levied under the Act on the property of a taxpayer.

(2) Interest under subsection (1) accrues and is calculated from the date the money is received.

(3) Interest under subsection (1) stops accruing

(a) on the date the money is applied to the taxes levied on the property, or

(b) if the money is refunded to the taxpayer under section 13 (2) (b) of the Act, on the date the refund is mailed to the taxpayer or, if delivered to the taxpayer without mailing, on the date of delivery.

(4) The rate of interest payable under this section is the rate of interest set out in section 6 (1) (b) of the Interest Regulation.

(5) Section 7 of the Interest Regulation applies to interest owed under this section.

(6) Interest under subsection (1) is payable on the due date for the taxes levied on the property of a taxpayer

(a) by applying the interest as a credit on account of those taxes, or

(b) if those taxes have been paid in full, by paying to the taxpayer the interest that has not been applied as a credit on account of those taxes.