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%.