The Canada Revenue Agency (CRA) has announced that the prescribed interest rate will be two per cent (2%) and will be used to calculate the following:
- Any amounts owed to the CRA
- Any amounts owed by the CRA to individuals and corporations
- Taxable benefits for employees and shareholders from interest-free and low-interest loans.
This rate will be in effect from July 1, 2022, to September 30, 2022.