July 1 – September 30, 2022 – Q3 CRA Prescribed Interest Rates

by | Jun 20, 2022 | Uncategorised

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 InterestQ1Q2 Q3 Q4
The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums5%5%6%7%
The interest rate to be paid on corporate taxpayer overpayments1%1%2%3%
The interest rate to be paid on non-corporate taxpayer overpayments3%3%4%5%
The interest rate used to calculate taxable benefits for employees and shareholders from interest‑free and low-interest loans1%1%2%3%
The interest rate for corporate taxpayers’ pertinent loans or indebtedness4.15%4.38%5.20%6.45%

Visit Interest rates for the third calendar quarter – Canada.ca for all Q3 rates.


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