Last updated: June 11 2008
The Canada Revenue Agency has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from July1, 2008, to September 30, 2008.
Income tax
Each of these rates represents a 1% drop from the rates in effect for the last two quarters.
Other taxes
The interest rate on overdue and overpaid remittances for the following taxes will be:
Tax and Duty |
Overdue remittances |
Overpaid remittances |
GST |
7% |
5% |
HST |
7% |
5% |
Air Travellers Security Charge |
7% |
5% |
Excise Tax (non GST) |
7% |
5% |
Excise Duty (except Brewer Licensees) |
7% |
5% |
Excise Duty (Brewer Licensees) |
5% |
N/A |
Softwood Lumber Products Export Charge |
7% |
5% |