News Column

Interest Rates for the Third Calendar Quarter

June 12, 2014



OTTAWA, ONTARIO--(Marketwired - June 12, 2014) - Canada Revenue Agency

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 will be in effect from July 1, 2014 to September 30, 2014.

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%. -- The interest rate for corporate taxpayers' pertinent loans or indebtedness will be 4.93%.



Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances will be as follows:

---------------------------------------------------------------------------

Overpaid Overpaid Tax, duty, or other charges remittances - remittances - Overdue Corporate Non- corporate remittances 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 licensees (amounts due after June 30, 2003) 5% 1% 3% --------------------------------------------------------------------------- Excise duty except brewer licensees (amounts due before July 1, 2003) 3% N/A N/A --------------------------------------------------------------------------- Excise duty (brewer licensees) 3% N/A N/A --------------------------------------------------------------------------- Softwood lumber products export charge 5% 1% 3% ---------------------------------------------------------------------------



For information on the prescribed interest rates for other calendar quarters, go to www.cra.gc.ca/interestrates.

Quick facts

-- There have been no changes to the prescribed interest rates since last

quarter, except for the interest rate for corporate taxpayers' pertinent

loans or indebtedness. -- These rates are calculated quarterly according to the laws that apply. Related Product www.cra.gc.ca/interestrates Stay connected



To receive updates when new information is added to our website, 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.

FOR FURTHER INFORMATION PLEASE CONTACT: Noel Carisse Media Relations Canada Revenue Agency 613-952-9184 Source: Canada Revenue Agency


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Source: Marketwire (Canada)


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