The CRA has set the prescribed annual interest rates for amounts owing in Q2.

The family loan rate remains the same, at 1%.

Read: Liberals reviewing private corporations, high-income tax strategies

The only change from last quarter is the rate for corporate taxpayers’ pertinent loans or indebtedness, which will be 4.47%, the CRA says.

Rates are effective April 1, 2017, to June 30, 2017.

CRA outlines the rates as follows:

  • 5% on overdue taxes, CPP contributions and employment insurance premiums,
  • 1% on corporate taxpayer overpayments,
  • 3% on non-corporate taxpayer overpayments and
  • 1% on taxable benefits for employees and shareholders from interest-free and low-interest loans.

See the full list of Q2 rates here.

Also read:

Tax headache coming for professional clients

This year’s tax filing guide

During tax time, discuss clients’ sharing economy activities

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