August 05, 2014
The CRA prescribed income tax interest rates for taxable benefits, overpaid taxes and underpaid taxes for the fourth quarter of 2014 (October 1, 2014 - December 31, 2014) will remain unchanged.
Currently, the rate for penalties and interest on overdue income taxes is 5%. The prescribed rate for refunds of overpaid tax is 3% for non-corporate taxpayers (1% for corporate taxpayers), and the prescribed rate that applies to taxable benefits for employees and shareholders from interest-free and low-interest loans is 1%.
Prescribed rates for 2013 and 2014 are as follows: