Prescribed Interest Rates Remain Unchanged

For the seventh quarter in a row, the prescribed interest rates remain unchanged. 

For the period July 1 to September 30, 2015, the prescribed interest rate for the purposes of inter-spousal loans to bypass attribution remains at 1%.  The same rate is used to determine whether low-interest shareholder and employee loans have taxable component.

The rate payable by the CRA on outstanding refunds (except to corporations) is set two percentage points higher at 3%.

The rate payable to CRA on overdue taxes, CPP contributions and EI premiums is set four percentage points higher at 5%.