Share this article:

Canada Revenue Agency Announces Increase To Interest Rates

On September 23, 2013, the Canada Revenue Agency announced the prescribed interest rates for the fourth quarter. These interest rates are set by the Canada Revenue Agency every quarter for a variety of items, including interest on overdue taxes and interest on overpayments of tax, among other things.

With one exception, the interest rate for all categories is being increased by 1%. Notably, the rate of interest used to calculate taxable benefits on interest-free and low-interest loans is being increased from 1% (where it has remained for several years) to 2%, which will have an impact on some tax planning strategies. The entire text of the Canada Revenue Agency’s news release can be found at: www.cra-arc.gc.ca/nwsrm/rlss/2013/m09/nr130923-eng.html

Melodie Lind can be reached at (250)869-1210 or at [email protected] 

The content made available on this website has been provided solely for general informational purposes as of the date published and should NOT be treated as or relied upon as legal advice. It is not to be construed as a representation, warranty, or guarantee, and may not be accurate, current, complete, or fit for a particular purpose or circumstance. If you are seeking legal advice, a professional at Pushor Mitchell LLP would be pleased to assist you in resolving your legal concerns in the context of your particular circumstances.

It is prohibited to reproduce, modify, republish, or in any way use content from this website without express written permission from the Chief Operating Officer or the Managing Partner at Pushor Mitchell LLP. Third party content that references this publication is not endorsed by Pushor Mitchell LLP and in no way represents the views of the firm. We do not guarantee the accuracy of, nor accept responsibility for the content of any source that may link, quote, or reference this publication.

Please read and understand our full Website Terms of Use and Disclaimer here.

Legal Alert, Pushor Mitchell’s free monthly e-newsletter