These rates are calculated quarterly in accordance with applicable legislation and will be in effect from October 1, 2006, to December 31, 2006.

• The interest rate applicable to the underpayment of taxes, Electricity Act payments, and amounts payable with respect to small business development grants will be 9%.
• The interest rate for calculating interest paid on tax overpayments and Electricity Act payments will be 3%.
• The interest rate for calculating interest paid on amounts credited or refunded as the result of certain successful appeals or objections will be 6%.

Note: Effective July 1, 2006 Ontario changed the method of calculating the interest rate to be paid on overpayments of tax (i.e., refunds and surplus instalments).