Rates apply to amounts owed to CRA, amounts CRA owes individuals, corporations
The prescribed annual interest rates that will apply to any amounts owed to the Canadian Revenue Agency (CRA) and to any amounts the CRA owes to individuals and corporations have been set.
These rates are calculated quarterly in accordance with applicable legislation and will be in effect from April 1 to June 3, the CRA said. The rates listed below remain unchanged from the previous quarter.
Income tax
• The interest rate charged on overdue taxes, Canada Pension Plan (CPP) contributions, and employment insurance premiums will be five per cent.
• The interest rate to be paid on corporate taxpayer overpayments will be one per cent.
• The interest rate to be paid on non-corporate taxpayer overpayments will be three per cent.
• The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be one per cent.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances are as follows: Overpaid remittances
Tax and duty
Overdue remittances
Corporate taxpayers
Non corporate taxpayers
Goods and services tax (GST)
five per cent
one per cent
three per cent
Harmonized sales tax
five per cent
one per cent
three per cent
Air travelers security charge
five per cent
one per cent
three per cent
Excise tax (non GST)
five per cent
one per cent
three per cent
Excise duty (except brewer licensees)
five per cent
one per cent
three per cent
Excise duty (brewer licensees)
three per cent
N/A
N/A
Softwood lumber products export charge
five per cent
one per cent
three per cent
