CRA Announces Interest Rates For The First Quarter

0
1210
Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning News

Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.

Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.




percentageCRA 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 paid on overpayments will be 3%.
  • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.

They’ve also released the rates for overdue taxes and overpayment rates for the following items:

Tax and DutyOverdue remittancesOverpaid remittances
  • Goods and Services Tax (GST)
5%3%
  • Harmonized Sales Tax
5%3%
  • Air Travellers Security Charge
5%3%
  • Excise Tax (non GST)
5%3%
  • Excise Duty (except Brewer Licensees)
5%3%
  • Excise Duty (Brewer Licensees)
3%N/A
  • Softwood Lumber Products Export Charge
5%3%

You can read more at CRA here.

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments