Interest rates for the fourth calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2024 to December 31, 2024.
Income tax
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 9%.
- The interest rate to be paid on corporate taxpayer overpayments will be 5%.
- The interest rate to be paid on non-corporate taxpayer overpayments will be 7%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans will be 5%.
- The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 8.53%.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances will be as follows:
| Tax, duty, or other charges | Overdue remittances | Overpaid remittances – Corporate taxpayers | Overpaid remittances – Non-corporate taxpayers |
|---|---|---|---|
| Goods and services tax (GST) | 9% | 5% | 7% |
| Harmonized sales tax (HST) | 9% | 5% | 7% |
| Air travellers security charge | 9% | 5% | 7% |
| Fuel charge (under the Greenhouse Gas Pollution Pricing Act) | 9% | 5% | 7% |
| Excise tax (non-GST/HST) | 9% | 5% | 7% |
| Excise duty except brewer licensees (amounts due after June 30, 2003) | 9% | 5% | 7% |
| Excise duty except brewer licensees (amounts due before July 1, 2003) | 7% | N/A | N/A |
| Excise duty (brewer licensees) | 7% | N/A | N/A |
| Softwood lumber products export charge | 9% | 5% | 7% |
| Underused Housing Tax (UHT) | 9% | 5% | 7% |
| Luxury Tax | 9% | 5% | 7% |
The overdue remittance rate is the rate of interest the taxpayer must pay on amounts due to the CRA.
The overpaid remittance rate is the rate of interest the CRA must pay on amounts due to the taxpayer.
Quick facts
- Prescribed annual interest rates are calculated quarterly according to the laws that apply.
- For information on the prescribed interest rates for other calendar quarters, go to Prescribed interest rates.
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