Ottawa, Ontario, September 23, 2013... The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from October 1, 2013 to December 31, 2013. All interest rates have increased by 1% since last quarter, except for the rate for corporate taxpayers pertaining to interest on loans and indebtedness.
Income tax
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 6%.
- The interest rate to be paid on corporate taxpayers overpayments will be 2%.
- The interest rate to be paid on non-corporate taxpayers overpayments will be 4%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 2%.
- The interest rate used to calculate corporate taxpayers loans or indebtedness will be 5.02%.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances are as follows:
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