Interest rates for the first calendar quarter

Aceti & Associates - Monday, February 15, 2016

Interest rates for the first calendar quarter

December 15, 2015 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 January 1, 2016 to March 31, 2016.

 

There have been no changes to the prescribed interest rates since last

quarter, except for the interest rate for corporate taxpayers’ pertinent

loans or indebtedness.

 

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%.

 

Change: The interest rate for corporate taxpayers’ pertinent loans or indebtedness

 will be 4.41%.

* This reproduction is a copy of an official work that is published by the Government of Canada, the reproduction has not been
 produced in affiliation with, or with the endorsement of the Government of Canada.