Ottawa, Ontario, December 15, 2011… 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 January 1, 2012 to March 31, 2012.
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 taxpayers overpayments will be 1%.
- The interest rate to be paid on non corporate taxpayers 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%.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances are as follows:
For information on the prescribed interest rates of other calendar quarters, visit www.cra.gc.ca/interestrates.
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The Canada Revenue Agency reminds taxpayers and all tax registrants that they have until December 31, 2011, to file requests under the taxpayer relief provisions for the 2001 tax year and any reporting period that ended during the 2001 calendar year.
Media enquiries:
Noël Carisse
Media Relations
Canada Revenue Agency
613-952-9184
