CRA announces Q3 interest rates

CRA has announced there are no changes to the prescribed interest rates since last quarter, except for the interest rate for corporate taxpayers’ pertinent loans or indebtedness. The spousal loan rate is still 1%.

Key numbers:

• 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 taxpayer overpayments will be 1%.
• The interest rate to be paid on non-corporate taxpayer 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%.
• Change: The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 4.50%.

Also read:

CRA answers questions from tax experts

Income splitting tips for retirees

Make the most of your client’s tax refund

Staff

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