HomeMy WebLinkAboutTR-16-82 CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
Li C 3A6
TELEPHONE 623-3379
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING HELD
APRIL 5, 1982.
141.0 M6 ,10
SUBJECT: PENALTIES CHARGED ON TAXES COLLECTED AT THE BANK
RECOMMENDATIONS:
It is respectfully recommended that this report be received for information.
BACKGROUND:
Subsequent to discussions in Committee, the Treasury staff have discussed
this matter with the Town's bankers, the Canadian Imperial Bank of Commerce.
Since the bank has a close off time for any given day' s transactions and this
is a policy internal to their own operations, there can be no amendment made
to that particular procedure. The Town staff have in place a practice of not
closing off our tax collection books for payments made at the bank until three
days ofter the month end. This allows for payments received on time at the
bank but received later at our premises to be credited to the tax accounts in the
proper month. If in any particular instance a taxpayer has been wrongly charged
penalty at the bank before our close off date, that penalty is credited to the
individual 's account as a payment, and may result in the account balance standing
in small credit balance in the amount of the penalty until such time as another
amount due is levied.
Respectfully submitted,
W&"-- ��'
Kathrynl . Campbell , C.A. , B.Com. ,
Treasurer
g04 05 82
R82-TA-1 v�