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<H1 class=h1Title>News release</H1>
Canada Revenue Agency interest rates for the second calendar quarter
Ottawa, Ontario, March 2, 2007... 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 April 1, 2007, to June 30, 2007.
Income tax
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums will be 9%.
- The interest rate paid on overpayments will be 7%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 5%.
The interest rate on overdue and overpaid remittances for the following taxes will be:
Tax and DutyOverdue remittancesOverpaid remittancesGoods and Services Tax9%7%Harmonized Sales Tax9%7%Air Travellers Security Charge9%7%Excise Tax (non GST)9%7%Excise Duty (except Brewer Licensees)9%7%Excise Duty (Brewer Licensees)7%N/ASoftwood Lumber Products Export Charge9%7%Effective April 1, 2007, prescribed interest rates for the Goods and Services Tax, the Harmonized Sales Tax, and the Air Travellers Security Charge are harmonized with other federal acts. Further information is available on the CRA Web site at the following link: www.cra-arc.gc.ca/tax/business/topics/gst/legislation/menu-e.html.
Prescribed interest rates for other calendar quarters.
This document is also available for download in .pdf format.
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