- Prescribed annual rate of interest from October 1, 2024 to December 31, 2024 is 9%
- Rate for amounts owed by Minister is 5% for corporate taxpayers and 7% for non-corporate taxpayers
- Rates apply to income tax, excise taxes, GST/HST, UHT, ATSC, luxury tax, fuel charge, and excise duties
- Excise duty on beer products has a 7% interest rate for overdue amounts
- Refund interest rates do not apply to excise duty on beer products
Source: canada.ca
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Canada"
- New GST Voluntary Disclosure Guidelines: Major Changes to CRA’s VDP Now in Effect
- Navigating GST/HST on Domestic and International Freight Transportation Services in Canada
- Final 2025 GST/HST Credit Payments Released for Eligible Canadians on October 3
- Ensuring Compliance: Québec’s Uniform Fiscal Documentation and Reporting Requirements
- Navigating Canada’s Complex Sales Tax System: GST, HST, PST, and QST Explained
