The Canada Revenue Agency has announced the prescribed annual interest rates that will apply to any amounts of income tax owed to the CRA and to any amounts the CRA owed to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from January 1, 2005, to March 31, 2005.

• The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums will be 7%.
  
  
• The interest rate paid on overpayments will be 5%.
  
  
• The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 3%.

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...back to 9 December 2004


Full Story:
Canada Revenue Agency website