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Interest Rates for the Third Calendar Quarter

Jun 13 2013 12:00AM

Marketwire

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OTTAWA, ONTARIO -- (Marketwired) -- 06/13/13 -- 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 July 1, 2013 to September 30, 2013. There have been no changes to the prescribed interest rates since last 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 taxpayers overpayments will be 1%.-- The interest rate to be paid on non-corporate taxpayers 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:

----------------------------------------------------------------------------Tax, duty, or other charges Overdue Overpaid remittances remittances---------------------------------------------------------------------------- Corporate Non corporate taxpayers 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 5% 1% 3% Licensees)----------------------------------------------------------------------------Excise Duty (Brewer Licensees) 3% N/A N/A----------------------------------------------------------------------------Softwood Lumber Products Export 5% 1% 3% Charge----------------------------------------------------------------------------



For information on the prescribed interest rates of other calendar quarters, visit www.cra.gc.ca/interestrates.

Stay connected

To receive updates when new information is added to our Web site, you can:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184





Source: Marketwire


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