It’s official – CRA has added the prescribed rates for the first quarter of 2023 to their website today
These rates will be in effect from January 1, 2023 to March 31, 2023.
Income tax
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 8%.
- The interest rate to be paid on corporate taxpayer overpayments will be 4%.
- The interest rate to be paid on non-corporate taxpayer overpayments will be 6%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans will be 4%.
- The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 8%.
