Decreased Interest Rates for the First Calendar
The interest rates for the first calendar quarter have decreased. The new interest rates are in effect from January 1, 2009 to March 31, 2009. The rates will apply to any monetary amounts owed to CRA and to any monetary amounts that CRA owes to individuals and corporations.
The new income tax interest rates are as follows:
§ Overdue taxes, Canada Pension Plan (CPP) contributions, and Employment Insurance Premiums will be 6%.
§ Overpayments 4%.
§ Taxable benefits for employees and shareholders from interest-free and low-interest loans will be 2%.
For tax and duty interest rates visit CRA’s website