Definition

1   In this regulation, "Act" means the Income Tax Act.

Assistance programs

2   For the purposes of section 215 (1) (c) of the Act, the following assistance programs are prescribed for the period beginning 34 days before the date an individual applies for the emergency benefit and ending on the date the individual applies for the emergency benefit:

(a) income assistance under the Employment and Assistance Act;

(b) disability assistance under the Employment and Assistance for Persons with Disabilities Act.

Prescribed requirements for emergency benefit

2.1   For the purposes of section 215 (1.1) (d) of the Act, the following requirements are prescribed:

(a) either of the following applies:

(i) the individual

(A) meets the requirement in section 215 (1.1) (c) (i) or (ii) of the Act, and

(B) would have been entitled to receive an income support payment under the Canada Emergency Response Benefit Act if the individual's self-employment gross income had been taken into account for the purpose of paragraph (b) of the definition of "worker" in section 2 of that Act;

(ii) the individual

(A) meets the requirement in section 215 (1.1) (c) (iii) of the Act, and

(B) would have been entitled to receive an employment insurance emergency response benefit under Part VIII.4 of the Employment Insurance Act (Canada) if the individual's self-employment gross income had been insurable earnings for the purpose of section 153.9 (1) (a) (iii) and (c) (iii) of that Act;

(b) the individual has filed a return of income under section 150 of the federal Act for the 2019 and 2020 taxation years on or before December 31, 2022.

[en. B.C. Reg. 259/2021, Sch.]

Interest payable to government

3   (1) For the purposes of section 225 (3) of the Act, interest payable to the government under Part 14 of the Act must be calculated on a daily basis and compounded monthly.

(2) For the purposes of section 225 (3) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in each year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.