The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for the first quarter of 2011, as well as the rates that will apply for the purpose of calculating employee and shareholder taxable benefits.
Debit rate Credit Rate Benefits
January 1 – March 31, 2010 5% 1%/3% 1%
As of July 1, 2010, the credit rate of interest to be paid on overpayments of tax differs for individual and corporate taxpayers. The lower of the two credit rates shown is paid on corporate tax overpayments.
Details of interest rates charged and paid during the year can be found on the CRA Web site at http://www.cra-arc.gc.ca/tx/fq/ntrst_rts/menu-eng.html.