Section 152.26 — Employment Insurance Act: Interest on unpaid premium

If the amount paid by a self-employed person on or before the person’s balance-due day for a year on account of the premium required to be paid by the person for the year in respect of the person’s self-employed earnings is less than the amount of the premium so required to be paid, the self-employed person shall pay to the Receiver General interest, at a rate per year prescribed by regulation made under subsection (5), on the difference between those amounts from the balance-due day for the year to the day of payment. In addition to any interest payable under subsection (1), if a self-employed person, being required by section 152.25 to pay a part or instalment of a premium, has failed to pay all or any part of a premium as required, the person shall, on payment of the amount the person failed so to pay, pay to the Receiver General interest on the amount, at a rate per year prescribed by regulation made under subsection (5), 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 earlier. For the purposes of subsection (2), if a self-employed person is required by subsection 152.25(2) to pay a part or instalment of a premium in respect of their self-employed earnings, the person is deemed to have been liable to pay on or before the day referred to in that subsection a part or instalment computed by reference to whichever of the following that gives rise to the least amount required to be paid by the person on or before that day: the premium required to be paid by them for the year in respect of their self-employed earnings; the premium required in respect of their self-employed earnings for the preceding year; or the amount stated to be the amount of the instalment payable by them for the year in the notice, if any, sent to them by the Minister of National Revenue. For the purposes of subsection (2), if a self-employed person is required by subsection 152.25(3) to pay a part or instalment of a premium in respect of their self-employed earnings, the person is deemed to have been liable to pay on or before each day referred to in that subsection a part or instalment computed by reference to whichever of the following that gives rise to the least total amount of those parts or instalments required to be paid by them by that day: the premium required to be paid by them for the year in respect of their self-employed earnings; the amounts determined under paragraph 152.25(3)(b) in respect of them for the year; the amounts stated to be the amounts of instalment payable by them for the year in the notices, if any, sent to them by the Minister of National Revenue; or the premium required in respect of their self-employed earnings for the preceding year. The Minister of National Revenue may, with the approval of the Governor in Council, make regulations, prescribing a rate for the purposes of each of subsections (1) and (2).