The prescribed interest rates announced by CRA for the third quarter of 2008 are:
• For overdue taxes, CPP contributions, and EI premiums the rate is 7%.
• The rate paid by CRA for overpayments is 5%.
• The interest rate used to calculate taxable benefits for employees and shareholders from low-interest and interest-free loans is 3%.
• For GST, HST, and air travellers’ security charge the rate is 7% for overdue remittances and 5% for overpaid remittances.
• Overdue remittances for Excise Tax (non GST) and Excise Duty are 7%.
• Overpaid remittances for Excise Tax (non GST) and Excise Duty are 5%.
• Overdue remittances for Excise Duty (beer) are 5%.