CRA announces prescribed interest rates for third quarter

The Canada Revenue Agency (CRA) has published the prescribed annual interest rates for amounts owed to or by the agency in the third quarter of 2019.

The only change is in the interest rate for corporate taxpayers’ pertinent loans or indebtedness, which will increase from 5.63% last quarter to 5.67% for the period from July 1 to September 30.

The interest rate charged on overdue taxes, Canada Pension Plan contributions and employment insurance premiums remains the same as last quarter, at 6%.

Other interest rates are also unchanged. The rate to be paid on corporate taxpayer overpayments will be 2%; on non-corporate taxpayer overpayments, 4%. And the rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 2%.

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