Section 88 — Excise Tax Act: Waiver or cancellation of interest or penalty

The Minister may, on or before the day that is 10 calendar years after the end of a reporting period of a person, or on application by the person on or before that day, waive or cancel any amount otherwise payable to the Receiver General under this Act that is interest or a penalty on an amount that is required to be paid by the person under this Act in respect of the reporting period. If a person has paid an amount of interest or penalty and the Minister cancels that amount under subsection (1), the Minister shall pay interest on the amount paid by the person beginning on the day that is 30 days after the day on which the Minister received a request in a manner satisfactory to the Minister to apply that subsection and ending on the day on which the amount is refunded or applied against an amount owed by the person to Her Majesty in right of Canada.