Interest Rates for 2009 Fourth Calendar Quarter
The fourth quarter interest rates are in effect from October 1 to December 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 5%.
§ Overpayments 3%.
§ Taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.