Canada Pension Plan — C-8 34
Interest on unpaid contributions 34 (1) If the amount paid by a person on or before the person’s balance-due day for a year on account of contributions required to be made by the person for the year in respect of the person’s self-employed earnings is less than the amount of the contributions required to be made by the person, interest at a prescribed rate per annum is payable by the person on the difference between those amounts from the balance-due day for the year to the day of payment. Interest on instalments (2) In addition to any interest payable under subsection (1), if a person, being required by section 33 to pay a part or instalment of the contributions required to be made by the person, has failed to pay all or any part of the contributions as required, the person shall, on payment of the amount that the person failed to pay, pay interest on the amount at a prescribed rate per annum from the day on or before which the person was required to make the payment to the day of payment or the beginning of the period in respect of which the person is liable to pay interest on the amount under subsection (1), whichever is the earlier. Limitation for farmers and fishers (3) For the purposes of subsection (2), if a person is required by subsection 33(2) to pay a part or instalment of the contributions required to be made by the person in respect of the person’s self-employed earnings, the person is deemed to have been liable to pay on or before the day referred to in subsection 33(2) a part or instalment that is equal to one of the following amounts, whichever gives rise to the least amount required to be paid by the person on or before that day: (a) the contributions required to be made by the person for the year in respect of the person’s self-employed earnings, minus $40; (b) the contributions required in respect of the person’s self-employed earnings for the preceding year; (c) the amount stated to be the amount of the instalment payable by the person for the year in the notice, if any, sent to the person by the Minister. Limitation for other persons (4) For the purposes of subsection (2), if a person is required by subsection 33(3) to pay a part or instalment of the contributions required to be made by the person in respect of the person’s self-employed earnings, the person is deemed to have been liable to pay on or before each day referred to in subsection 33(3) a part or instalment that is equal to one of the following amounts, whichever gives rise to the least total amount of those parts or instalments required to be paid by the person by that day: (a) the contributions required to be made by the person for the year in respect of the person’s self-employed earnings, minus $40; (b) the contributions required in respect of the person’s self-employed earnings for the preceding year; (c) the amounts determined under paragraph 33(3)(b) in respect of the person for the year; (d) the amounts stated to be the amounts of instalment payable by the person for the year in the notices, if any, sent to the person by the Minister. R.S., 1985, c. C-8, s. 34; 1991, c. 49, s. 211; 1993, c. 24, s. 146; 1994, c. 21, s. 124; 2016, c. 14, s. 15