On February 20, 2024, the CRA announced that the prescribed income tax interest rates for taxable benefits, overpaid taxes, and underpaid taxes will remain the same in the second quarter of 2024 (April 1, 2024 - June 30, 2024).
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The interest rate on overdue income taxes, Canada Pension Plan contributions, employment insurance premiums will remain at ten percent.
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The prescribed rate for refunds of overpaid tax will remain at eight percent for non-corporate taxpayers and six percent for corporate taxpayers.
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The prescribed rate that applies to taxable benefits for employees and shareholders from interest-free and low-interest loans, as well as the prescribed rate of family income-splitting loans will remain at six percent.