The Canada Customs and Revenue Agency has announced the prescribed interest rates that will apply to amounts owed to the CCRA, and to amounts the CCRA owes to individuals and corporations.

These rates are calculated quarterly and will be in effect from January 1, 2002 to March 31, 2002.

The interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums will be 7%.

The interest rate paid on overpayments will be 5%. The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 3%.

The interest rate on overdue and overpaid remittances for most other taxes will be 2.4333%.