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 are calculated quarterly in accordance with applicable legislation and will be in effect from July 1, 2011 to September 30, 2011.
The interest rates on overdue and overpaid remittances are as follows:
|Tax, duty, or other charges||Overdue remittances||Overpaid remittances|
|Corporate taxpayers||Non corporate 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)||5%||1%||3%|
|Excise Duty (brewer licensees)||3%||N/A||N/A|
|Softwood Lumber Products Export Charge||5%||1%||3%|
For information on the prescribed interest rates of other calendar quarters, visit www.cra.gc.ca/interestrates.