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Canada Revenue Agency: Interest Rates for the Second Calendar Quarter

Mar 15 2013 12:00AM



OTTAWA, ONTARIO -- (Marketwire) -- 03/15/13 -- 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, 2013 to June 30, 2013. The rates below remain unchanged from the previous quarter.

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%.

Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances are as follows:

---------------------------------------------------------------------------- OverdueTax and Duty remittances Overpaid remittances---------------------------------------------------------------------------- Corporate Non corporate taxpayers taxpayers----------------------------------------------------------------------------Goods and Services Tax (GST) 5% 1% 3%----------------------------------------------------------------------------Harmonized Sales Tax 5% 1% 3%----------------------------------------------------------------------------Air Travellers Security Charge 5% 1% 3%----------------------------------------------------------------------------Excise Tax (non GST) 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

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Noel Carisse
Media Relations
Canada Revenue Agency

Source: Marketwire

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