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Frequently Asked Questions
General Questions:
Payment of Overdue Balances Questions:
The mine I operate has not yet earned enough money to repay all the start-up costs I incurred. Why do I have to pay tax when I am not yet making a profit? |
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Once a mine is covering its annual operating costs but has not yet recovered the initial investment, Net Current Proceeds (NCP) tax applies. However, this tax is fully deductible as the Cumulative Tax Credit once the mine is making a profit and Net Revenue Tax applies. In this way, only one tax or the other is paid over the life of the mine. |
Payment of Overdue Balance FAQs
Can I make instalment payments? |
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When agreed upon, short term payment arrangements are considered for a period of six months or less. For approval of payment proposals which are longer than six months, we require that you provide detailed financial information, and it will be necessary to secure the debt by registering a lien against your property. Interest continues to accrue on all unpaid balances. |
Do you accept credit card payments? |
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No, we do not accept credit card payments. |
Are you a private collection agency? |
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No, we are not a private collection agency. The Receivables Management Office is a branch of the Ministry of Small Business and Revenue that collects outstanding taxes owing to the province. |
What do you mean by "Legal Action"? |
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The province has available remedies that it may use to collect overdue taxes under its various tax statutes. These remedies include:
- Demands on bank accounts
- Employers and third parties
- Liens
- Certificates of Judgement
- Federal Government refund set-offs
- Writs of Seizure and Sale
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Will legal actions have an effect on my (my company) credit rating? |
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This will depend on the collection action which has been undertaken in an attempt to collect the outstanding balance. |
Why have I received a notice from the Land Title Office telling me a Judgement is registered on my property? |
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The Land Title Office is required to send you a notice informing you that a lien has been registered on your property. This notice gives you an opportunity to dispute the lien if you believe the lien has been filed in error. You may receive this notice after your account has been paid or reversed. |
When will the lien on my property be removed? |
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We will remove all collection action including a property lien once you have paid the account in full or the assessment of tax has been reversed.
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