The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, 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                       6%                2% / 4%                    2%

 

April 1 – June 30                             6%                 2% / 4%                    2%

 

Additional details of interest rates charged and paid by the CRA can be found on the CRA website at https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2019/interest-rates-first-calendar-quarter.html and https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2020/interest-rates-second-calendar-quarter.html.