Prescribed interest rates for 2022

The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2022, 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 5% 1%/3% 1%

April 1 – June 30 5% 1%/3% 1%

Additional details of interest rates charged and paid by the Canada Revenue Agency can be found on the CRA website at https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html.