Legislative roundup: Changes in payroll laws and regulations from across Canada

CRA announces prescribed annual interest rates • Reminder: Remembrance Day a statutory holiday in some jurisdictions • New Brunswick sets 2014 maximum insurable earnings
|Canadian Payroll Reporter|Last Updated: 11/11/2013

CANADA

CRA announces prescribed annual interest rates

The Canada Revenue Agency (CRA) has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and any amounts it owes to individuals and corporations.

These rates are calculated quarterly in accordance with applicable legislation and will be in effect from Oct. 1 to Dec. 31. All interest rates have increased by one percentage point since last quarter, except for the rate for corporate taxpayers pertaining to interest on loans and indebtedness.