Interest rates for the first calendar quarter

Ottawa, Ontario, December 13, 2013… 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 are calculated quarterly according to the laws that apply and will be in effect from January 1, 2014 to March 31, 2014. All interest rates have decreased by 1% since last quarter, except for the rate for 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%.
  • 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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MEDIA ENQUIRIES:

Noël Carisse
Canada Revenue Agency
Media Relations
613-952-9184

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Date modified:


2013-12-13

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Article source: http://www.cra-arc.gc.ca/nwsrm/rlss/2013/m12/nr131213-eng.html?rss

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