Effect of Prescribed Rate Interest Increases on CRA Payments

Various payments are made to CRA throughout the year or at the end of the year, whether it be for instalments, GST/HST remittances, or your income tax due. Missing a payment deadline or not paying sufficient instalments can result in CRA charging interest on the outstanding balance.

The prescribed interest rates CRA uses to are related to the interest rate determined by the Bank of Canada. With increasing interest rates, it is important that individuals and corporations, pay their balances due on time to avoid unnecessary interest. The current interest rate charged by CRA is 6% on overdue balances with this increasing to 7% on October 1st, 2022.

Upcoming personal tax instalments are due on the following dates:

  • September 15, 2022
  • December 15, 2022
  • March 15, 2023
  • June 15, 2023

Corporate tax and HST instalments will depend on your payment frequency.

Please contact Hendry Warren should you need more details about the required instalments to make.

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