Interest rates announced for first calendar quarter

Canada Revenue Agency makes change to corporate rate

The Canada Revenue Agency has announced the prescribed annual interest rates for Jan. 1 to March 31, 2017. These rates are calculated quarterly according to current laws.

The updated rates include a lone change to 4.5 per cent for corporate taxpayers' pertinent loans or indebtedness.

The interest rate charged on overdue taxes, Canadian Pension Plan contributions and employment insurance premiums remains at five per cent.

Interest rates paid on corporate taxpayer overpayments will be one per cent, while non-corporate taxpayer overpayments will see rates of three per cent.

The 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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