GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
CUSMA Rules of Origin Regulations — (a)
weighted average principal maturity means, with respect to fixed-rate contracts or variable-rate contracts, the numbers of years, or portion thereof, that is equal to the number obtained by (a) dividing the sum of the weighted principal payments, (i) in the case of a fixed-rate contract, by the original amount of the loan, or (ii) in the case of a variable-rate contract, by the principal balance at the beginning of the interest rate period for which the weighted principal payments were calculated, and (b) rounding the amount determined under paragraph (a) to the nearest single decimal place and, where that amount is the midpoint between two such numbers, to the greater of those two numbers. ( échéance moyenne pondérée applicable au principal )
CUSMA Rules of Origin Regulations — (a)
weighted principal payment means, (a) with respect to fixed-rate contracts, the amount determined by multiplying each principal payment under the contract by the number of years, or portion of years, between the date the producer entered into the contract and the date of that principal payment; and (b) with respect to variable-rate contracts (i) the amount determined by multiplying each principal payment made during the current interest rate period by the number of years, or portion of years, between the beginning of that interest rate period and the date of that payment, and (ii) the amount equal to the outstanding principal owing, but not necessarily due, at the end of the current interest rate period, multiplied by the number of years, or portion of years, between the beginning and the end of that interest rate period. ( paiement de principal pondéré )
CUSMA Rules of Origin Regulations — 2
2 For the purpose of calculating non-allowable interest costs (a) with respect to a fixed-rate contract, the interest rate under that contract must be compared with the interest rate issued by the federal government on debt obligations that have maturities of the same length as the weighted average principal maturity of the payment schedule under the contract (that interest rate issued by the federal government determined by linear interpolation, if necessary); (b) with respect to a variable-rate contract (i) in which the interest rate is adjusted at intervals of less than or equal to one year, the interest rate under that contract must be compared with the interest rate issued by the federal government on debt obligations that have maturities closest in length to the interest rate adjustment period of the contract, and (ii) in which the interest rate is adjusted at intervals of greater than one year, the interest rate under the contract must be compared with the interest rate issued by the federal government on debt obligations that have maturities of the same length as the weighted average principal maturity of the payment schedule under the contract (that interest rate issued by the federal government determined by linear interpolation, if necessary); and (c) with respect to a fixed-rate or variable-rate contract in which the weighted average principal maturity of the payment schedule under the contract is greater than the maturities offered on federal government debt obligations, the interest rate under the contract must be compared to the interest rate issued by the federal government on debt obligations that have maturities closest in length to the weighted average principal maturity of the payment schedule under the contract.
CUSMA Rules of Origin Regulations — (a)
The following example is based on the figures set out in the table below and on the following assumptions: (a) a producer in a CUSMA country borrows $1,000,000 from a person of the same CUSMA country under a fixed-rate contract; (b) under the terms of the contract, the loan is payable in 10 years with interest paid at the rate of 6% per year on the declining principal balance; (c) the payment schedule calculated by the lender based on the terms of the contract requires the producer to make annual payments of principal and interest of $135,867.36 over the life of the contract; (d) there are no federal government debt obligations that have maturities equal to the six-year weighted average principal maturity of the contract; and (e) the federal government debt obligations that are nearest in maturity to the weighted average principal maturity of the contract are of five- and seven-year maturities, and the yields on them are 4.7% and 5.0%, respectively. Years of Loan Principal Balance 1 ($) Interest Payment 2 ($) Principal Payment 3 ($) Payment Schedule ($) Weighted Principal Payment 4 ($) 1 924,132.04 60,000.00 75,867.96 135,867.96 75,867.96 2 843,712.00 55,447.92 80,420.04 135,867.96 160,840.08 3 758,466.76 50,622.72 85,245.24 135,867.96 255,735.72 4 668,106.81 45,508.01 90,359.95 135,867.96 361,439.82 5 572,325.26 40,086.41 95,781.55 135,867.96 478,907.76 6 470,796.81 34,339.52 101,528.44 135,867.96 609,170.67 7 363,176.66 28,247.81 107,620.15 135,867.96 753,341.06 8 249,099.30 21,790.60 114,077.36 135,867.96 912,618.88 9 128,177.30 14,945.96 120,922.00 135,867.96 1,088,298.02 10 0.00 7,690.66 128,177.32 135.867.96 1,281,773.22 $5,977,993.19 1 The principal balance represents the loan balance at the end of each full year the loan is in effect and is calculated by subtracting the current year’s principal payment from the prior year’s ending loan balance. 2 Interest payments are calculated by multiplying the prior year’s ending loan balance by the contract interest rate of 6%. 3 Principal payments are calculated by subtracting the current year’s interest payments from the annual payment schedule amount. 4 The weighted principal payment is determined by, for each year of the loan, multiplying that year’s principal payment by the number of years the loan had been in effect at the end of that year.
CUSMA Rules of Origin Regulations — (a)
(a) a producer in a CUSMA country borrows $1,000,000 from a person of the same CUSMA country under a fixed-rate contract;
CUSMA Rules of Origin Regulations — (b)
(b) under the terms of the contract, the loan is payable in 10 years with interest paid at the rate of 6% per year on the declining principal balance;
CUSMA Rules of Origin Regulations — (c)
(c) the payment schedule calculated by the lender based on the terms of the contract requires the producer to make annual payments of principal and interest of $135,867.36 over the life of the contract;
CUSMA Rules of Origin Regulations — (d)
(d) there are no federal government debt obligations that have maturities equal to the six-year weighted average principal maturity of the contract; and
CUSMA Rules of Origin Regulations — (e)
(e) the federal government debt obligations that are nearest in maturity to the weighted average principal maturity of the contract are of five- and seven-year maturities, and the yields on them are 4.7% and 5.0%, respectively.
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
The weighted average principal maturity of the contract is calculated by dividing the sum of the weighted principal payments by the original loan amount and rounding the amount determined to the nearest decimal place.
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
Weighted Average Principal Maturity $5,977,993.19 ÷ $1,000,000 = 5.977993 or 6 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
$5,977,993.19 ÷ $1,000,000 = 5.977993 or 6 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
By applying the above method, (1) the weighted average principal maturity of the payment schedule under the 6% contract is six years; (2) the interest rates issued by the federal government on the closest maturities for comparable debt obligations of five years and seven years are 4.7% and 5.0%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government that has a maturity equal to the weighted average principal maturity of the contract is 4.85%. This number is calculated as follows: 4.7 + [((5.0 − 4.7) × (6 − 5)) ÷ (7 − 5)] = 4.7 + 0.15 = 4.85%; and (3) the producer’s contract interest rate of 6% is within 700 basis points of the 4.85% interest rate issued by the federal government on debt obligation; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations.
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(1) the weighted average principal maturity of the payment schedule under the 6% contract is six years;
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(2) the interest rates issued by the federal government on the closest maturities for comparable debt obligations of five years and seven years are 4.7% and 5.0%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government that has a maturity equal to the weighted average principal maturity of the contract is 4.85%. This number is calculated as follows: 4.7 + [((5.0 − 4.7) × (6 − 5)) ÷ (7 − 5)] = 4.7 + 0.15 = 4.85%; and
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
4.7 + [((5.0 − 4.7) × (6 − 5)) ÷ (7 − 5)]
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(3) the producer’s contract interest rate of 6% is within 700 basis points of the 4.85% interest rate issued by the federal government on debt obligation; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations.
CUSMA Rules of Origin Regulations — (a)
The following example is based on the figures set out in the tables below and on the following assumptions: (a) a producer in a CUSMA country borrows $1,000,000 from a person of the same CUSMA country under a variable-rate contract; (b) under the terms of the contract, the loan is payable in 10 years with interest paid at the rate of 6% per year for the first two years and 8% per year for the next two years on the principal balance, with rates adjusted each two years after that; (c) the payment schedule calculated by the lender based on the terms of the contract requires the producer to make annual payments of principal and interest of $135,867.96 for the first two years of the loan and of $146,818.34 for the next two years of the loan; (d) there are no federal government debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the first two years of the contract; (e) there are no federal government debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the third and fourth years of the contract; and (f) the federal government debt obligations that are nearest in maturity to the weighted average principal maturity of the contract are one- and two-year maturities, and the yields on them are 3.0% and 3.5%, respectively. Beginning of Year Principal Balance ($) Interest Rate (%) Interest Payment ($) Principal Payment ($) Payment Schedule ($) Weighted Principal Payment ($) 1 1,000,000.00 6.00 60,000.00 75,867.96 135,867.96 75,867.96 2 924,132.04 6.00 55,447.92 80,420.04 135,867.96 1,848,264.08 $1,924,132.04
CUSMA Rules of Origin Regulations — (a)
(a) a producer in a CUSMA country borrows $1,000,000 from a person of the same CUSMA country under a variable-rate contract;
CUSMA Rules of Origin Regulations — (b)
(b) under the terms of the contract, the loan is payable in 10 years with interest paid at the rate of 6% per year for the first two years and 8% per year for the next two years on the principal balance, with rates adjusted each two years after that;
CUSMA Rules of Origin Regulations — (c)
(c) the payment schedule calculated by the lender based on the terms of the contract requires the producer to make annual payments of principal and interest of $135,867.96 for the first two years of the loan and of $146,818.34 for the next two years of the loan;
CUSMA Rules of Origin Regulations — (d)
(d) there are no federal government debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the first two years of the contract;
CUSMA Rules of Origin Regulations — (e)
(e) there are no federal government debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the third and fourth years of the contract; and
CUSMA Rules of Origin Regulations — (f)
(f) the federal government debt obligations that are nearest in maturity to the weighted average principal maturity of the contract are one- and two-year maturities, and the yields on them are 3.0% and 3.5%, respectively.
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
Weighted Average Principal Maturity $1,924,132.04 ÷ $1,000,000 = 1.92413204 or 1.9 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
$1,924,132.04 ÷ $1,000,000 = 1.92413204 or 1.9 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
By applying the above method: (1) the weighted average principal maturity of the payment schedule of the first two years of the contract is 1.9 years; (2) the interest rate issued by the federal government on the closest maturities of debt obligations of one year and two years are 3.0 and 3.5%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government on debt obligation that has a maturity equal to the weighted average principal maturity of the payment schedule of the first two years of the contract is 3.45%. This amount is calculated as follows: 3.0 + [((3.5 − 3.0) × (1.9 − 1.0)) ÷ (2.0 − 1.0)]; = 3.0 + 0.45 = 3.45%; and (3) the producer’s contract rate of 6% for the first two years of the loan is within 700 basis points of the 3.45% interest rate issued by the federal government on debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the payment schedule of the first two years of the producer’s loan contract; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations. Beginning of Year Principal Balance ($) Interest Rate (%) Interest Payment ($) Principal Payment ($) Payment Schedule ($) Weighted Principal Payment ($) 1 1,000,000.00 6.00 60,000.00 75,867.96 135,867.96 2 924,132.04 6.00 55,447.92 80,420.04 135,867.96 3 843,712.01 8.00 67,496.96 79,321.38 146,818.34 79,321.38 4 764,390.62 8.00 61,151.25 85,667.09 146,818.34 1,528,781.24 1,608,102.62
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(1) the weighted average principal maturity of the payment schedule of the first two years of the contract is 1.9 years;
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(2) the interest rate issued by the federal government on the closest maturities of debt obligations of one year and two years are 3.0 and 3.5%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government on debt obligation that has a maturity equal to the weighted average principal maturity of the payment schedule of the first two years of the contract is 3.45%. This amount is calculated as follows: 3.0 + [((3.5 − 3.0) × (1.9 − 1.0)) ÷ (2.0 − 1.0)]; = 3.0 + 0.45 = 3.45%; and
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
3.0 + [((3.5 − 3.0) × (1.9 − 1.0)) ÷ (2.0 − 1.0)];
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(3) the producer’s contract rate of 6% for the first two years of the loan is within 700 basis points of the 3.45% interest rate issued by the federal government on debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the payment schedule of the first two years of the producer’s loan contract; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations. Beginning of Year Principal Balance ($) Interest Rate (%) Interest Payment ($) Principal Payment ($) Payment Schedule ($) Weighted Principal Payment ($) 1 1,000,000.00 6.00 60,000.00 75,867.96 135,867.96 2 924,132.04 6.00 55,447.92 80,420.04 135,867.96 3 843,712.01 8.00 67,496.96 79,321.38 146,818.34 79,321.38 4 764,390.62 8.00 61,151.25 85,667.09 146,818.34 1,528,781.24 1,608,102.62
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
Weighted Average Principal Maturity $1,608,102.62 ÷ $843,712.01 = 1.905985 or 1.9 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
$1,608,102.62 ÷ $843,712.01 = 1.905985 or 1.9 years
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
By applying the above method: (1) the weighted average principal maturity of the payment schedule under the first two years of the contract is 1.9 years; (2) the federal government debt obligations that are nearest in maturities to the weighted average principal maturity of the contract are one- and two-year maturities, and the yields on them are 3.0 and 3.5%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government on debt obligation that has a maturity equal to the weighted average principal maturity of the payment schedule of the first two years of the contract is 3.45%. This amount is calculated as follows: 3.0 + [((3.5 − 3.0) × (1.9 − 1.0)) ÷ (2.0 − 1.0)]; = 3.0 + 0.45 = 3.45% (3) the producer’s contract interest rate, for the third and fourth years of the loan, of 8% is within 700 basis points of the 3.45% interest rate issued by the federal government on debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the payment schedule under the third and fourth years of the producer’s loan contract; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations.
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(1) the weighted average principal maturity of the payment schedule under the first two years of the contract is 1.9 years;
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(2) the federal government debt obligations that are nearest in maturities to the weighted average principal maturity of the contract are one- and two-year maturities, and the yields on them are 3.0 and 3.5%, respectively; therefore, using linear interpolation, the interest rate issued by the federal government on debt obligation that has a maturity equal to the weighted average principal maturity of the payment schedule of the first two years of the contract is 3.45%. This amount is calculated as follows: 3.0 + [((3.5 − 3.0) × (1.9 − 1.0)) ÷ (2.0 − 1.0)]; = 3.0 + 0.45 = 3.45%
CUSMA Rules of Origin Regulations — CUSMA Rules of Origin Regulations
(3) the producer’s contract interest rate, for the third and fourth years of the loan, of 8% is within 700 basis points of the 3.45% interest rate issued by the federal government on debt obligations that have maturities equal to the 1.9-year weighted average principal maturity of the payment schedule under the third and fourth years of the producer’s loan contract; therefore, none of the producer’s interest costs are considered to be non-allowable interest costs for the purposes of the definition non-allowable interest costs in subsection 1 (1) of these Regulations.
CUSMA Rules of Origin Regulations — 1
1 Generally Accepted Accounting Principles means the recognized consensus or substantial authoritative support in the territory of a CUSMA country with respect to the recording of revenues, expenses, costs, assets and liabilities, disclosure of information and preparation of financial statements. These standards may be broad guidelines of general application as well as detailed standards, practices and procedures.
CUSMA Rules of Origin Regulations — 2
2 For the purposes of Generally Accepted Accounting Principles, the recognized consensus or authoritative support are referred to or set out in the following publications: (a) with respect to the territory of Canada, the CPA Canada Handbook , as updated from time to time; (b) with respect to the territory of Mexico, the Normas de Informacion Financiera , published by the Instituto Mexicano de Contadores Públicos A.C. (IMCP) , including the boletines complementarios , as updated from time to time; and (c) with respect to the territory of the United States, Financial Accounting Standards Board (FASB) Accounting Standards Codification , as amended from time to time, and any interpretive guidance recognized by the American Institute of Certified Public Accountants (AICPA).
CUSMA Rules of Origin for Casual Goods Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 16(2) a of the Customs Tariff b , makes the annexed CUSMA Rules of Origin for Casual Goods Regulations . a S.C. 2001, c. 28, s. 34(1) b S.C. 1997, c. 36
CUSMA Rules of Origin for Casual Goods Regulations — 1
Definition of casual goods 1 In these Regulations, casual goods means goods other than goods imported for sale or for an industrial, occupational, commercial or institutional or other like use.
CUSMA Rules of Origin for Casual Goods Regulations — 2
United States Tariff 2 Casual goods that are acquired in the United States (a) are considered to originate in the United States and are entitled to the benefit of the United States Tariff if (i) the marking of the goods is in accordance with the marking laws of the United States and indicates that the goods are the product of the United States or Canada, or (ii) the goods do not bear a mark and there is no indication that the goods are not the product of the United States or Canada; and (b) are considered to originate in Mexico and are entitled to the benefit of the Mexico Tariff if the marking of the goods is in accordance with the marking laws of the United States and indicates that the goods are the product of Mexico.
CUSMA Rules of Origin for Casual Goods Regulations — 3
Mexico Tariff 3 Casual goods that are acquired in Mexico (a) are considered to originate in Mexico and are entitled to the benefit of the Mexico Tariff if (i) the marking of the goods is in accordance with the marking laws of Mexico and indicates that the goods are the product of Mexico or Canada, or (ii) the goods do not bear a mark and there is no indication that the goods are not the product of Mexico or Canada; and (b) are considered to originate in the United States and are entitled to the benefit of the United States Tariff if the marking of the goods is in accordance with the marking laws of Mexico and indicates that the goods are the product of the United States.
CUSMA Rules of Origin for Casual Goods Regulations — S.C. 2020, c. 1
S.C. 2020, c. 1 * 4 These Regulations come into force on the day on which section 190 of the Canada–United States–Mexico Agreement Implementation Act comes into force, but if they are registered after that day, they come into force on the day on which they are registered. * [Note: Regulations in force July 1, 2020, see SI/2020-33, amended by SI/2020-46.]
CUSMA Tariff Preference Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 16(2) a of the Customs Tariff b , makes the annexed CUSMA Tariff Preference Regulations . a S.C. 2001, c. 28, s. 34(1) b S.C. 1997, c. 36