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OTTAWA, ONTARIO--(Marketwired - Mar 18, 2016) - Canada Revenue Agency
The Canada Revenue Agency (CRA) today 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. These rates will be in effect from April 1, 2016 to June 30, 2016.
There have been no changes to the prescribed interest rates since last quarter, except for the interest rate for corporate taxpayers' pertinent loans or indebtedness.
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances will be as follows:
Tax, duty, or other charges
|Overpaid remittances - Corporate taxpayers||Overpaid remittances - 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 (amounts due after June 30, 2003)||5%||1%||3%|
|Excise duty except brewer licensees (amounts due before July 1, 2003)||3%||N/A||N/A|
|Excise duty (brewer licensees)||3%||N/A||N/A|
|Softwood lumber products export charge||5%||1%||3%|
The overdue remittance rate is the rate of interest the taxpayer must pay on amounts due to the CRA.
The overpaid remittance rate is the rate of interest the CRA must pay on amounts due to the taxpayer.
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Canada Revenue Agency