Derek Moran
1. Penalty / Interest Charges
A penalty of 1.25% on the unpaid amount of an instalment will be added on the first day after the instalment due date. A further 1.25% of the outstanding amount will be added as interest on the first day of each month thereafter, as long as taxes remain unpaid. Monthly interest charges are also imposed on any unpaid taxes from prior years. Penalty and interest rates are set by City by-laws, pursuant to the City of Toronto Act, 2006. Penalty and interest charges on overdue amounts cannot be waived or altered.
If taxes and charges are overdue, payments are applied to the oldest outstanding balance first. Fees may also be added when taxes are outstanding.
Printed copy · Anthology Volume 6, page 928
