CRA sets family loan rate for Q4

The Canada Revenue Agency (CRA) confirmed on Friday that the prescribed interest rate for family loans will remain at 1% in the fourth calendar quarter.

The rate had dropped to 1% in the third quarter, from 2%.

The only change for the upcoming quarter (starting Oct. 1) is the interest rate for corporate taxpayers’ pertinent loans or indebtedness. That rate will be 4.18%, down from 4.27%.

The CRA’s prescribed annual interest rates are calculated quarterly.

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