CRA Interest Rates for the Third Quarter 2009

The prescribed interest rates announced by CRA for the third quarter of 2009 are:

  • For overdue taxes, CPP contributions, and EI premiums the rate is 5%.
  • The rate paid by CRA for overpayments is 3%.
  • The interest rate used to calculate taxable benefits for employees and shareholders from low interest and interest-free loans is 1%.
  • For GST, HST, and air travellers’ security charge the rate is 5% for overdue remittances and 3% for overpaid remittances.
  • Overdue remittances for Excise Tax (non GST) and Excise Duty are 5%.
  • Overpaid remittances for Excise Tax (non GST) and Excise Duty are 3%.
  • Overdue remittances for Excise Duty (beer only) are 3%.

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