The rate for penalties and interest on overdue income taxes will decrease to 5% (from 6%). The prescribed rate for refunds of overpaid tax will decrease to 3% (from 4%) for non-corporate taxpayers and 1% (from 2%) for corporate taxpayers. In addition, the prescribed rate that applies to taxable benefits for employees and shareholders from interest-free and low-interest loans will decrease to 1% (from 2%).
Prescribed rates for 2013 and 2014 are as follows:
For more information, contact your KPMG adviser.
Information is current to November 05, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500