28 Sep 2018
CRA’s new prescribed rates for the 4th quarter are available now!
On September 27, 2018 the Canada Revenue Agency (the “CRA”) announced the prescribed annual interest rates for the 4th quarter of 2018.
The details are as follows:
- 6% interest rate charged by the CRA on overdue taxes, CPP contributions, and EI premiums.
- 2% interest rate paid by the CRA on overpayments to corporations.
- 4% interest rate paid on overpayments to non-corporations.
- 2% interest rate to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans.
- 5.45% interest rate for corporate taxpayers’ pertinent loans or indebtedness.
The above content is believed to be accurate as of the date of posting. Canadian and US Tax laws are complex and are subject to frequent changes. Professional tax advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.