and Revenue Administration
Corporate Tax Act
Special Notice Vol. 5 No. 33
||November 25, 2010
||Alberta Treasury Board and Finance, Tax and
|For more information:
5 No. 33 / November 2010
SPECIAL NOTICE - REFUND INTEREST RATE REDUCTION
GRANDFATHERING TREATMENT FOR OBJECTIONS
NOTE: This special notice is intended to explain legislation and provide specific information. Every effort has been made to ensure the contents are accurate. However, if a discrepancy should occur in interpretation between this special notice and governing legislation, the legislation takes precedence.
Effective 12:01 a.m. February 10, 2010, the quarterly rates used to calculate refund interest were reduced by 50 per cent, applicable to assessments and reassessments issued after that time for all taxation years. (For more information, see Special Notice Vol. 5 No. 31, Refund Interest Rate Reduction, and the frequently asked questions on this website.
Grandfathering treatment will be provided to reassessments issued in response to matters raised before February 10, 2010, in Alberta notices of objection received by Tax and Revenue Administration (TRA). The refund interest rates before the 50 per cent reduction will apply to the reassessments processed to resolve the matters raised in those objections.
Where reassessments in respect of these objections were processed after February 9, 2010, using the 50 per cent reduced rates, TRA will adjust the interest and refund the difference. Notification will be provided to those corporations to inform them of the interest adjustment. TRA expects that these interest adjustments will be made before May 31, 2011.
If you have any questions, or if you have not received your interest adjustment by May 31, 2011, please contact Tax and Revenue Administration.