September 15, 2022 – CRA Publishes Q4 Prescribed Interest Rates

by | Sep 15, 2022 | Industry Updates

CRA publishes prescribed interest rates each quarter. If you are in arrears to the government, for example, late paying your income tax instalment, you will be charged interest.  Visit Interest rates for the fourth calendar quarter – for the new Q4 (October 1, 2022, to December 31, 2022) rates.

Prescribed interest rates have been steadily increasing over the year as illustrated in the table below.


Prescribed Interest Rates 2022

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%

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