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.