Interest rates for the fourth calendar quarter

News Release

September 16, 2015 Ottawa, Ontario 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 October 1, 2015 to December 31, 2015.

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.

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%.
Change: The interest rate for corporate taxpayers' pertinent loans or indebtedness will be 4.52%.

Other taxes, duties, or charges

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

Tax, duty, or other charges	Overdue remittances	Overpaid remittances – Corporate taxpayers	Overpaid remittances – Non- corporate 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%

The overdue remittance rate is the rate of interest the taxpayer must pay on amounts due to the CRA.

The overpaid remittance rate is the rate of interest the CRA must pay on amounts due to the taxpayer.

Quick facts

Prescribed annual interest rates are calculated quarterly according to the laws that apply.
For information on the prescribed interest rates for other calendar quarters, go to www.cra.gc.ca/interestrates.

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Contacts

Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269

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Hon. Kerry-Lynne D. Findlay Canada Revenue Agency Economics and Industry

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Date modified:: 2015-09-16

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Interest rates for the fourth calendar quarter

News Release

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