The CRA has set the prescribed annual interest rates for amounts owing in Q4.
The only change from the last quarter was the rate for the interest rate for corporate taxpayers’ pertinent loans or indebtedness, which will be 4.49%, CRA says.
The rates will cover the period from October 1 to December 31, 2016.
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CRA outlined the following interest rates:
- 5% on on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums;
- 1% on corporate taxpayer overpayments;
- 3% on non-corporate taxpayer overpayments; and
- 1% to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans.
See the full list of Q4 rates here.
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