Ottawa, June 5, 2006... 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 are calculated quarterly in accordance with applicable legislation and will be in effect from July 1, 2006, to September 30, 2006.
The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums will be 8%.
The interest rate paid on overpayments will be 6%.
The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 4%.
The interest rate on overdue and overpaid remittances for the following taxes will be:
Tax & Duty
Goods and Services Tax
Harmonized Sales Tax
Air Travellers Security Charge
Excise Tax (non GST)
Excise Duty (except Brewer Licensees)
Excise Duty (Brewer Licensees)
For media information