Ottawa, Ontario, March 14, 2012... 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 April 1, 2012 to June 30, 2012. The rates below remain unchanged.
The interest rates on overdue and overpaid remittances are as follows:
|Tax, duty, or other charges||Overdue remittances||Overpaid remittances|
|Corporate taxpayers||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)||5%||1%||3%|
|Excise Duty (brewer licensees)||3%||N/A||N/A|
|Softwood Lumber Products Export Charge||5%||1%||3%|
For information on the prescribed interest rates of previous calendar quarters, go to www.cra.gc.ca/interestrates.
Canada Revenue Agency