The CRA's prescribed income tax interest rates for the third quarter are now available.
The prescribed rates for taxable benefits, overpaid taxes, and underpaid taxes for the third quarter of 2017 (July 1, 2017 - September 30, 2017) 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%.
Download this edition of the Canadian Tax Adviser to learn more.