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Tax Update: Canada Revenue Agency prescribed interest rates increasing July 1, 2022

Tax Update: Canada Revenue Agency prescribed interest rates increasing July 1, 2022

Synopsis
5 Minute Read

Annual prescribed interest rates that will apply to amounts owed to and from the Canada Revenue Agency for the third quarter of 2022 will increase as of July 1, 2022.

The Canada Revenue Agency (CRA) has announced increases for annual prescribed interest rates that will apply to amounts owed to and from CRA for the third calendar quarter of 2022.

The CRA-prescribed interest rates for overdue taxes, overpaid taxes and taxable benefits will increase by one percent effective July 1, 2022, the agency announced May 27, 2022. These interest rates have not changed since July 2020.

2022 prescribed income tax interest rates announced to date are shown below.

 

Overdue Taxes Taxpayer Overpayments
(Corporate)
Taxpayer Overpayments
(Non-Corporate)
Taxable Benefits
July 1 –  September 30 6%
2% 4% 2%
April 1 –   June 30 5% 1% 3% 1%
January 1 –  March 31 5% 1% 3% 1%

Learn more

Planning opportunities utilizing current prescribed interest rates may be suitable for you. Contact your local MNP Advisor for more information.

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