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Interest Rates for the Third Calendar Quarter

OTTAWA, ONTARIO -- (Marketwired) -- 06/12/14 -- Canada Revenue Agency

The Canada Revenue Agency (CRA) today 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 will be in effect from July 1, 2014 to September 30, 2014.

Income tax

--  The interest rate charged on overdue taxes, Canada Pension Plan
    contributions, and employment insurance premiums will be 5%.
--  The interest rate to be paid on corporate taxpayer overpayments will be
    1%.
--  The interest rate to be paid on non-corporate taxpayer overpayments will
    be 3%.
--  The interest rate used to calculate taxable benefits for employees and
    shareholders from interest-free and low-interest loans will be 1%.
--  The interest rate for corporate taxpayers' pertinent loans or
    indebtedness will be 4.93%.

Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances will be as follows:

---------------------------------------------------------------------------
                                                    Overpaid       Overpaid
Tax, duty, or other charges                    remittances -  remittances -
                                      Overdue      Corporate Non- corporate
                                  remittances      taxpayers      taxpayers
---------------------------------------------------------------------------
Goods and services tax (GST)               5%             1%             3%
---------------------------------------------------------------------------
Harmonized sales tax (HST)                 5%             1%             3%
---------------------------------------------------------------------------
Air travellers security charge             5%             1%             3%
---------------------------------------------------------------------------
Excise tax (non-GST/HST)                   5%             1%             3%
---------------------------------------------------------------------------
Excise duty except brewer
licensees (amounts due after
June 30, 2003)                             5%             1%             3%
---------------------------------------------------------------------------
Excise duty except brewer
licensees (amounts due before
July 1, 2003)                              3%            N/A            N/A
---------------------------------------------------------------------------
Excise duty (brewer licensees)             3%            N/A            N/A
---------------------------------------------------------------------------
Softwood lumber products
export charge                              5%             1%             3%
---------------------------------------------------------------------------

For information on the prescribed interest rates for other calendar quarters, go to www.cra.gc.ca/interestrates.

Quick facts

--  There have been no changes to the prescribed interest rates since last
    quarter, except for the interest rate for corporate taxpayers' pertinent
    loans or indebtedness.

--  These rates are calculated quarterly according to the laws that apply.

Related Product

www.cra.gc.ca/interestrates

Stay connected

To receive updates when new information is added to our website, you can:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

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You can also watch our tax-related videos on YouTube.

Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

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