CRA announces interest rates for Q3

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 July 1, 2011 to September 30, […]

By Staff | June 9, 2011 | Last updated on September 15, 2023

1 min read

Income tax

• The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%.

• The interest rate to be paid on corporate taxpayers overpayments will be 1%.

• The interest rate to be paid on non corporate taxpayers overpayments will be 3%.

• The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.

Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances are as follows:

Tax, duty, or other charges	Overdue remittances	Overpaid remittances
Tax, duty, or other charges	Overdue remittances	Corporate taxpayers	Non-corporate taxpayers
Goods and Services Tax (GST)	5%	1%	3%
Harmonized Sales Tax (HST)	5%	1%	3%
Air Travellers Security Charge	5%	1%	3%
Excise Tax (non GST/HST)	5%	1%	3%
Excise Duty (except brewer licensees)	5%	1%	3%
Excise Duty (brewer licensees)	3%	N/A	N/A
Softwood Lumber Products Export Charge	5%	1%	3%

For information on the prescribed interest rates of other calendar quarters, visit www.cra.gc.ca/interestrates.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

Staff

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