Prescribed Interest Rates For Q4 2023 Announced

On September 7, 2023, the Canada Revenue Agency (CRA) announced that the prescribed income tax interest rates for taxable benefits, overpaid taxes, and underpaid taxes will remain the same in the fourth quarter of 2023 (October 1, 2023 - December 31, 2023). 

  • The interest rate on overdue income taxes and penalties will remain at nine percent.  

  • The prescribed rate for refunds of overpaid tax will remain at seven percent for non-corporate taxpayers and five percent for corporate taxpayers.  

  • The prescribed rate that applies to taxable benefits for employees and shareholders from interest-free and low-interest loans, as well as to the prescribed rate of family income-splitting loans, will remain at five percent. 

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