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

CRA sets annual interest rates for amounts owed • Yukon decreases WCB assessment rates • Employees entitled to reservist leave • Minimum wage increase postponed annual interest rates for amounts owed • Nova Scotia announces WCB maximum insurable earnings • Minimum wage changed

Canada

CRA sets annual interest rates for amounts owed

The Canada Revenue Agency (CRA) announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. Rates are calculated quarterly in accordance with applicable legislation and will be in effect from Oct. 1 to Dec. 31. For income tax, the interest rate charged on overdue taxes, Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums will be five per cent. The interest rate to be paid on corporate taxpayers overpayments will be one per cent. The interest rate to be paid on non corporate taxpayers overpayments will be three per cent. The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be one per cent.

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