January 23, 2024
CRA Interest Rates
Effective January 1, 2024, the interest rate that CRA is charging on overdue taxes is 10%. This includes instalments paid late. We encourage you to ensure that your instalment payments have been paid up to date and that your final tax payments are paid by the due date applicable to you:
- Final personal tax payments for 2023 are due April 30, 2024.
- Final corporate tax payments are due either two or three months after the end of the fiscal year, depending on the nature of the business (please consult us if you are unsure).
- Trust tax payments are due 90 days after the year end of the trust.
If you have any questions about or need any assistance with this, please reach out to the manager or partner assigned to your file.