News Release Article from  Canada Revenue Agency

Archived - Interest rates for the fourth calendar quarter

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September 12, 2014 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, 2014 to December 31, 2014.

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:

Tax, duty, or other chargesOverdue remittancesOverpaid remittances – Corporate taxpayersOverpaid 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%

For information on the prescribed interest rates for other calendar quarters, go to www.cra.gc.ca/interestrates

Quick facts

  • 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.
  • These rates are calculated quarterly according to the laws that apply.

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Contacts

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


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