2012-12-06 21:28:24 -
OTTAWA, ONTARIO -- (Marketwire) -- 12/06/12 -- 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 in accordance with applicable legislation and will be in effect from January 1, 2013 to March 31, 2013. The rates below remain unchanged from the previous quarter.
-- 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
-- The interest rate to be paid on non-corporate taxpayer overpayments will
-- The interest rate used to calculate taxable benefits for employees and
shareholders from interest-free and low-interest loans will be 1%.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances are as follows:
Taxes, duties, and charges Overdue Overpaid remittances
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 5% 1% 3%
excise duty (brewer licensees) 3% N/A N/A
softwood lumber products export 5% 1% 3%
For information on the prescribed interest rates of previous calendar quarters, go to www.cra.gc.ca/interestrates : www.cra.gc.ca/interestrates
To receive updates when new information is added to our Web site, you can:
- Follow the CRA on Twitter - @CanRevAgency : twitter.com/canrevagency
- Subscribe to a CRA electronic mailing list : www.cra-arc.gc.ca/esrvc-srvce/mllst/sbscrb-eng.html
- Add our RSS feeds : www.cra-arc.gc.ca/esrvc-srvce/rss/menu-eng.html
to your feed reader.
You can also visit our YouTube Channel : www.youtube.com/canrevagency
for tax-related videos.
Canada Revenue Agency