CRA Prescribed Rate Remains at 1% for Q4 2016 | KPMG | CA

CRA Prescribed Rate Remains at 1% for Q4 2016

CRA Prescribed Rate Remains at 1% for Q4 2016

The CRA's prescribed income tax interest rates will remain unchanged for taxable benefits, overpaid taxes, and underpaid taxes.

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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%.

Download this edition of the Canadian Tax Adviser to learn more.

Information is current to August 02, 2016. 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.

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