Changes to unpaid source deductions, overdue taxes, insufficient instalments
Income tax
•The interest rate charged on overdue taxes, Canada Pension Plan contributions and employment insurance 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.
Other taxes, duties or charges
The interest rates on overdue and overpaid remittances are as follows:
Tax, duty, or other charges |
Overdue remittances |
Overpaid remittances | |
---|---|---|---|
Corporate taxpayers |
Non corporate taxpayers | ||
Goods and Services Tax (GST) |
5% |
1% |
3% |
Harmonized Sales Tax (HST) |
5% |
1% |
3% |
Air Travellers Security Charge |
5% |
1% |
3% |
Excise Tax (non GST/HST |
5% |
1% |
3% |
Excise Duty (except brewer licensees) |
5% |
1% |
3% |
Excise Duty (brewer licensees) |
3% |
N/A |
N/A |
Softwood Lumber Products Export Charge |
5% |
1% |
3% |