Tag Archives: prescribed rates
Flaherty Announces New Automobile and Expense Rates for Business
Posted on 02. Jan, 2010 by Phil Hogan, CA.
Tweet On December 31th, 2009 the Minister of Finance announced the following items: The capital cost allowance cap of $30,000 (plus applicable taxes) for passenger vehicles will remain in affect for vehicles purchased after 2009. The maximum allowable deduction for interest incurred on debt to finance business vehicles will remain at $300 per month. The [...]
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CRA Announces Interest Rates For The First Quarter
Posted on 05. Dec, 2009 by Phil Hogan, CA.
Tweet CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans: The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%. The interest rate [...]
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