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Canada Revenue Agency: Interest Rates for the First Calendar Quarter

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© Marketwire 2012
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.
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
--  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%. 

Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances are as follows:

Taxes, duties, and charges           Overdue       Overpaid remittances    
                                                  Corporate   Non-corporate
                                                  taxpayers     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             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 : .
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