CRA Announces Interest Rates For The First Quarter
CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans:
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%.
- The interest rate paid on 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%.
They’ve also released the rates for overdue taxes and overpayment rates for the following items:
| Tax and Duty | Overdue remittances | Overpaid remittances |
|
5% | 3% |
|
5% | 3% |
|
5% | 3% |
|
5% | 3% |
|
5% | 3% |
|
3% | N/A |
|
5% | 3% |
You can read more at CRA here.
