38 (1) Where a person has remitted to the Minister a greater amount of money for a period than was required by this Act to be remitted for that period, or a greater amount than was payable by the person, the Minister shall either refund the overpayment or, at the option of the Minister, apply the amount of the overpayment to liability of the person with respect to a previous or subsequent period, in which latter case the Minister shall notify the person of such action.  R.S.O. 1990, c. T.10, s. 38 (1); 1994, c. 18, s. 8 (4). Limitation (2) No refund under subsection (1) shall be made unless an application for the refund is made to the Minister within four years from the date of payment of the amount a refund of which is sought, and unless evidence satisfactory to the Minister is furnished to establish the entitlement of the applicant to the refund claimed.  R.S.O. 1990, c. T.10, s. 38 (2); 1997, c. 43, Sched. E, s. 7. Saving (3) Where, as the result of an assessment or reassessment or the final decision of a court in a proceeding commenced under section 22, the person assessed or reassessed or the appellant, as the case may be, has overpaid the tax, interest or penalty payable under this Act, the amount of such overpayment shall be refunded or applied to liability of such person in accordance with subsection (1) despite the limitation contained in subsection (2).  R.S.O. 1990, c. T.10, s. 38 (3). Overpayments (4) Where an amount in respect of an overpayment is refunded or applied on other liability, interest at such rate as is prescribed by the regulations, computed and compounded daily, shall be paid or applied thereon for the period commencing on the day the overpayment arose and ending with the day of refunding or application on other liability, unless the amount of interest so calculated is less than $5 in which event no interest need be paid or applied under this subsection.  R.S.O. 1990, c. T.10, s. 38 (4); 1996, c. 29, s. 33. Idem (5) Where by a decision of the Minister under section 21 or by a decision of the court it is finally determined that the tax payable under this Act by a person is less than the amount assessed by the assessment to which objection was made or from which the appeal was taken and the decision makes it appear that there has been an overpayment of tax, the interest payable under subsection (4) on the overpayment shall be computed at the rate prescribed by the regulations.  R.S.O. 1990, c. T.10, s. 38 (5). Application to other liabilities (6) Instead of making a refund under this Act or the regulations, if any person is liable or is about to become liable to make a payment under this Act or under any other Act administered by the Minister that imposes a tax or is prescribed by the regulations, the Minister may apply the amount of the overpayment to the liability and, in that case, the Minister shall notify the person that the action has been taken.  1994, c. 18, s. 8 (20). Note:  Subsection 38 (6) applies to applications for refunds made after June 23, 1994, whether the right to the refund arose before or after June 23, 1994.  See:  1994, c. 18, s. 8 (28). Section Amendments with date in force (d/m/y) 1994, c. 18, s. 8 (4, 20, 28) - 23/06/1994; 1996, c. 29, s. 33 - 01/07/1993; 1997, c. 43, Sched. E, s. 7 - 18/12/1997