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%.