Interest rate charged on overdue taxes will be 9% third quarter 2023

Income tax

  • The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 9%.

  • The interest rate to be paid on corporate taxpayer overpayments will be 5%.

  • The interest rate to be paid on non-corporate taxpayer overpayments will be 7%.

  • The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans will be 5%.

  • The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 8.44%.

Other taxes, duties, or charges

The interest rates on overdue and overpaid remittances will be as follows:

Other taxes, duties, or chargesTax, duty, or other chargesOverdue remittancesOverpaid remittances – Corporate taxpayersOverpaid remittances – Non-corporate taxpayersGoods and services tax (GST)9%5%7%Harmonized sales tax (HST)9%5%7%Air travellers security charge9%5%7%Fuel charge (under the Greenhouse Gas Pollution Pricing Act)9%5%7%Excise tax (non-GST/HST)9%5%7%Excise duty except brewer licensees (amounts due after June 30, 2003)9%5%7%Excise duty except brewer licensees (amounts due before July 1, 2003)7%N/AN/AExcise duty (brewer licensees)7%N/AN/ASoftwood lumber products export charge9%5%7%

Jane Zhao