Interest rates for the fourth calendar quarter

Aceti & Associates - Friday, September 18, 2015

Interest rates for the fourth calendar quarter

September 16, 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 October 1, 2015 to December 31, 2015.

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 4.52%.

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)

5%

1%

3%

Harmonized sales tax (HST)

5%

1%

3%

Air travellers security charge

5%

1%

3%

Excise tax (non-GST/HST)

5%

1%

3%

Excise duty except brewer licensees (amounts due after June 30, 2003)

5%

1%

3%

Excise duty except brewer licensees (amounts due before July 1, 2003)

3%

N/A

N/A

Excise duty (brewer licensees)

3%

N/A

N/A

Softwood lumber products export charge

5%

1%

3%

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 www.cra.gc.ca/interestrates.


* 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.