Canada: different shape. Premium on arrears. Base rate on refunds, nothing until a set stretch after the claim lands. Bills I read. Refunds never.
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Quarterly notice went up last week. October through December: what you owe accrues at 7 percent, what CBP owes back pays 6 if you are incorporated. Same code section both directions.
I approve those bills and have never once recomputed an interest line. Tax side drops to 4.5 above ten thousand on a company overpayment. Nobody can tell me whether that reaches a duty refund. Anyone with money sat at CBP checked theirs?
Canada: different shape. Premium on arrears. Base rate on refunds, nothing until a set stretch after the claim lands. Bills I read. Refunds never.
Other end of your desk, Gary. I never approve one of those bills, I get them, and this week I am the one filing to get money back on a summer of duty that should not have been paid, so the lower of your two rates is mine.
Went and read it, because it is my money now. The quarterly notice prints two overpayment rates, company and not company, and the tier you are chewing on is not in that table anywhere. Neither is any tier by size in the reconciliation guidance CBP publishes. I am a machinist who ended up doing compliance, so take that as reading, not advice.
What got me is the other half. Interest on money they hold stops the day the entry liquidates. A bill going the other way keeps running in periods past that date until somebody pays it.
Does it change whether I chase? No. It changes that I cannot call the refund a dead number in a drawer any more, and the man who signs the cheque here is me, so that excuse is gone with it.
doug that second half is mine. i sit on bills while i chase paperwork and never priced the sitting. late ones run in blocks, not days. thursday i recompute before i sign.
Gary, recomputing interest before you sign. Next you will be checking my fuel surcharge against the actual diesel price, and then where will I be.
Your blocks are right. CBP counts a late bill in 30-day periods, and the period the payment actually lands in is not charged. So the date that matters Thursday is when the money reaches them, not when you sign. Sign near the end of a block and mail it slow, and you just bought a whole extra block.