Excise Tax Act — E-15 296
lication or payment of credit (3) If, in assessing the net tax of a person for a particular reporting period of the person, the Minister determines that there is an overpayment of net tax for the particular period, except where the assessment is made in the circumstances described in paragraph 298(4)(a) or (b) after the time otherwise limited for the assessment by paragraph 298(1)(a), the Minister shall (a) apply (i) all or part of the overpayment against (ii) any amount (in this paragraph referred to as the “outstanding amount”) that, on or before the particular day that is the day on or before which the person was required to file a return under this Part for the particular period, the person defaulted in paying or remitting under this Part and that remains unpaid or unremitted on the day notice of the assessment is sent to the person, as if the person had, on the particular day, paid or remitted the amount so applied on account of the outstanding amount; (b) apply (i) all or part of the overpayment that was not applied under paragraph (a) together with interest at the prescribed rate on all or that part of the overpayment, computed for the period beginning on the day that is 30 days after the latest of (A) the particular day, (B) the day on which the return for the particular reporting period was filed, and (C) in the case of an overpayment that is attributable to a payment or remittance made on a day subsequent to the days referred to in clauses (A) and (B), that subsequent day, and ending on the day on which the person defaulted in paying or remitting the outstanding amount referred to in subparagraph (ii) against (ii) any amount (in this paragraph referred to as the “outstanding amount”) that, on a day (in this paragraph referred to as the “later day”) after the particular day, the person defaulted in paying or remitting under this Part and that remains unpaid or unremitted on the day notice of the assessment is sent to the person, as if the person had, on the later day, paid the amount and interest so applied on account of the outstanding amount; and (c) refund to the person that part of the overpayment that was not applied under paragraphs (a) and (b) together with interest at the prescribed rate on that part of the overpayment, computed for the period beginning on the day that is 30 days after the latest of (i) the particular day, (ii) the day on which the return for the particular reporting period was filed, and (iii) in the case of an overpayment that is attributable to a payment or remittance made on a day subsequent to the days referred to in subparagraphs (i) and (ii), that subsequent day, and ending on the day the refund is paid to the person. Application or payment of rebate (3.1) If, in assessing the net tax of a person for a particular reporting period of the person or an amount (in this subsection referred to as the “overdue amount”) that became payable by a person under this Part, all or part of an allowable rebate referred to in subsection (2.1) is not applied under that subsection against that net tax or overdue amount, except where the assessment is made in the circumstances described in paragraph 298(4)(a) or (b) after the time otherwise limited for the assessment by paragraph 298(1)(a), the Minister shall (a) apply (i) all or part of the allowable rebate that was not applied under subsection (2.1) against (ii) any other amount (in this paragraph referred to as the “outstanding amount”) that, on or before the particular day that is (A) if the assessment is in respect of net tax for the particular reporting period, the day on or before which the return under Division V for the particular period was required to be filed, or (B) if the assessment is in respect of an overdue amount, the day on which the overdue amount became payable by the person, the person defaulted in paying or remitting under this Part and that remains unpaid or unremitted on the day notice of the assessment is sent to the person, as if