September 12, 2014 Ottawa, Ontario Canada Revenue Agency
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 will be in effect from October 1, 2014 to December 31, 2014.
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 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%.
- The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 4.94%.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances will be as follows:
For information on the prescribed interest rates for other calendar quarters, go to www.cra.gc.ca/interestrates
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Noël Carisse
Media Relations
Canada Revenue Agency
613-952-9184
