KWB’s Canadian Interest Rate Forecast for Q4 2024
The Canada Revenue Agency (CRA) has announced prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to both individuals and corporations. These rates are in effect from October 1-December 31, 2024.
CRA Interest Rates for Q4 2024: What Businesses Need to Know
- The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 9%.
- The interest rate to be paid on corporate taxpayer overpayments will be 5%.
- The interest rate to be paid on non-corporate taxpayer overpayments will be 7%.
- The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans will be 5%.
- The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 8.53%.
Previous quarter’s interest rates on overdue taxes are as follows:
- Q3 2024: 9%
- Q1 and Q2 2024: 10%
- Q2 – Q4 of 2023: 9%
- Q1 2023: 8%
- Q4 2022: 7%
- Q3 2022: 6%
- Q1 and Q2 of 2022: 5%
- 2014 – 2021: 5%
You can find the interest rate for any previous quarter here.
CRA Prescribed Interest Rates for Q4 2024: Business Impact
KWB works with business owners to help you simplify your accounting, improve your profit, and achieve your goals. We believe that with good information and advice, you will have the knowledge you need to make better decisions. Learn more and book an introduction and fit discussion meeting here.