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News release
Canada Customs and Revenue Agency interest rates for the second calendar quarter
Ottawa, March 20, 2001... The Canada Customs and Revenue Agency (CCRA) today announced the prescribed interest rates that will apply to amounts owed to the CCRA, and to amounts the CCRA owes to individuals and corporations. The rates are calculated quarterly under the applicable legislation. They will be in effect from April 1, 2001, to June 30, 2001.Income tax
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance premiums will be 10%.
- The interest rate paid on overpayments will be 8%.
- The interest rate used to calculate taxable benefits for employees and shareholders for interest-free and low-interest loans will be 6%.
The interest rate on overdue and overpaid remittances for the following taxes will be:
| Goods and services tax | 4,8132% |
| Harmonized sales tax | 4,8132% |
| Federal sales tax | 4,8132% |
| Air transportation tax | 4,8132% |
| Excise tax | 4,8132% |
| Excise duty | 8% |
14T/01
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Date modified: 2002-11-04 |
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