Interest rates are important especially when you have amounts owing to or from the CRA.
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2023, as well as the rates that will apply for the purpose of calculating employee and shareholder taxable benefits.
| Debit Rate | Credit Rate | Shareholder Benefits |
January 1 – March 31 | 8% | 4%/6% | 4% |
April 1 – June 30 | 9% | 5%/7% | 5% |
July 1 – September 30 | 9% | 5%/7% | 5% |
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
