CRA published prescribed interest rates for Q3. These rates dictate what you will owe CRA if you are in arrears to them and the rate CRA will owe you for overpayments. For example, late paying your income tax installment.
Note that rates have increased this quarter as shown in the following chart:
| Type of Interest | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums | 5% | 5% | 6% | 7% |
| The interest rate to be paid on corporate taxpayer overpayments | 1% | 1% | 2% | 3% |
| The interest rate to be paid on non-corporate taxpayer overpayments | 3% | 3% | 4% | 5% |
| The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans | 1% | 1% | 2% | 3% |
| The interest rate for corporate taxpayers’ pertinent loans or indebtedness | 4.15% | 4.38% | 5.20% | 6.45% |
Visit Interest rates for the third calendar quarter – Canada.ca for all Q3 rates.
