Moore
August 2015 Newsletter

The prescribed interest rates that apply for the current calendar quarter are as follows:

  • The interest rate charged on overdue taxes, CPP contributions, and EI premiums is 5%, compounded daily.
  • The interest rate paid on late refunds paid by the CRA to corporations (after 30 days) 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 August 11, 2015 12:00 am
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