April 2015 Newsletter
The CRA recently announced the new prescribed interest rates that apply to amounts owed to the CRA and to amounts the CRA owes to individuals and corporations. The amounts are subject to change every calendar quarter. The following rates are in effect from April 1, 2015 to June 30, 2015, and remain unchanged from the last several quarters.
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums is 5%, compounded daily.
- The interest rate paid on late refunds paid by the CRA to corporations is 1%, compounded daily.
- The interest rate paid on late refunds paid by the CRA to other taxpayers is 3%, compounded daily.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans is 1%.
Last modified on May 1, 2015 12:00 am