Federal Interest Rates

FEDERALLY PRESCRIBED INTEREST RATES

2024 Overdue Remittances** Tax Overpayments* Taxable Benefits***
Jan – Mar 10% C = 6% NC = 8% 6%
Apr – June 10% C = 6% NC = 8% 6%
July – Sept -% C = -% NC = -% -%
Oct – Dec -% C = -% NC = -% -%
2023 Overdue Remittances** Tax Overpayments* Taxable Benefits***
Jan – Mar 8% C = 4% NC = 6% 4%
Apr – June 9% C = 5% NC = 7% 5%
July – Sept 9% C = 5% NC = 7% 5%
Oct – Dec 9% C = 5% NC = 7% 5%
2022 Overdue Remittances** Tax Overpayments* Taxable Benefits***
Jan – Mar 5% C = 1% NC = 3% 1%
Apr – June 5% C = 1% NC = 3% 1%
July – Sept 6% C = 2% NC = 4% 2%
Oct – Dec 7% C = 3% NC = 5% 3%

*C = Corporate taxpayer overpayments
NC = Non-corporate taxpayer overpayments

** = Includes overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums

*** = The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans

(Note: All posted rates are subject to change by Canada Revenue Agency or other government departments that are responsible for them.)