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CRA Prescribed Rates Hold Steady for Q3 2017
CRA Prescribed Rates Hold Steady for Q3 2017
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.
© 2018 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
