Effective October 1, 2013, the Canada Revenue Agency (CRA) increased the interest rate they charge on late payments. Since April 1, 2009, the CRA has charged an annual interest rate of 5% on outstanding balances, compounded daily. As of October 1, this rate was increased to 6%. The interest rate on refunds has also increased. For corporate taxpayers, the rate has increased to 2%, and for non-corporate taxpayers, the rate has increased to 4%.
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