The prescribed rate is set quarterly and is tied directly to the yield on Government of Canada three-month Treasury Bills, with a lag. The calculation is based on a formula in the Income Tax Regulations, which takes the simple average of three-month Treasury Bills for the first month of the preceding quarter rounded up to the next highest whole percentage point .
This upcoming increase marks the second time the prescribed rate has gone up since the previous historic low of one per cent between July 1, 2020 and June 30, 2022. So, the advice is plain and simple — if you owe CRA money, pay up as soon as possible. You should do so even if your tax amount is in dispute and you plan toand even, ultimately, take the matter to court. If you’re ultimately successful, you will be entitled to refund interest at five per cent . And, if you’re not, at least you’ll save yourself hundreds, if not thousands, of dollars in non-deductible, usurious interest.
Source: Loan Digest (loandigest.net)
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