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