CRA has confirmed lower interest rates for Q3 of 2024
For the first time in 2 years, the CRA have announced a reduction in its prescribed interest rates. These rates apply on overdue taxes, refund interest, as well as minimum interest rates on loans to family members.
The Canada Revenue Agency (CRA) has set the annual interest rates for amounts owed to and by the CRA, effective July 1 to September 30, 2024. Interest rates for the third calendar quarter – Canada.ca
Income Tax Rates
- Overdue taxes, CPP, and EI premiums: 9%
- Corporate overpayments: 5%
- Non-corporate overpayments: 7%
- Taxable benefits from interest-free/low-interest loans: 5%
- Corporate taxpayers’ pertinent loans (“PLOI”): 8.96%
Other Taxes, Duties, and Charges
|
Tax/Duty/Charge |
Overdue Remittances |
Corporate Overpayments |
Non-corporate Overpayments |
|
GST/HST |
9% |
5% |
7% |
|
Air Travelers Security Charge |
9% |
5% |
7% |
|
Fuel Charge |
9% |
5% |
7% |
|
Excise Tax (non-GST/HST) |
9% |
5% |
7% |
|
Excise Duty (post-June 30, 2003) |
9% |
5% |
7% |
|
Excise Duty (pre-July 1, 2003) |
7% |
N/A |
N/A |
|
Excise Duty (Brewer Licensees) |
7% |
N/A |
N/A |
|
Softwood Lumber Export Charge |
9% |
5% |
7% |
|
Underused Housing Tax (UHT) |
9% |
5% |
7% |
|
Luxury Tax |
9% |
5% |
7% |
- Overdue Remittance Rate: Interest on amounts due to the CRA.
- Overpaid Remittance Rate: Interest on amounts due to taxpayers.