The Canada Revenue Agency prescribed rate will remain at 5 per cent for the fourth quarter of 2024—the period from October 1st to December 31st. It is the second straight quarter the rate has remind unchanged. The prescribed rate reached record highs following the peak of the pandemic in 2022, surging to 6 per cent […]
For the first time in nearly two years, the Canada Revenue Agency prescribed rate will not rise, instead decreasing to 5 per cent from 6 per cent for the third quarter of 2024 (July 1st, 2024 to September 30th, 2024. The prescribed rate crested at 6 per cent earlier this year, after lingering at record […]
The Canada Revenue Agency prescribed rate will remain at 6 per cent for the second quarter of 2024 (which extends from April 1st, 2024 to June 30th, 2024). The prescribed rate last reached 6 per cent in the second quarter of 2001; it hovered at only 1 per cent during the COVID-19 pandemic. The current […]
The Canada Revenue Agency prescribed rate will remain unchanged at 5 per cent for the fourth quarter of 2023 (for the period from October 1st through December 31st). After increasing steadily in the wake of the COVID-19 pandemic, the rate has remained static for several consecutive quarters. The prescribed rate is based on the three-month […]
The Canada Revenue Agency has announced that the prescribed rate for the third quarter of 2023 will hold steady for the first time in a year. The prescribed rate hovered at 1 per cent throughout most of the COVID-19 pandemic, then increased by a percentage point each quarter beginning in the third quarter of 2022. The […]
For the fourth consecutive quarter, the Canada Revenue Agency prescribed rate has increased by a percentage point. The rate used to calculate taxable benefits for shareholders and employees from interest-free and low-interest loans is now 5 per cent—up from 4 per cent in the first quarter of the year—for the period ending June 30th, 2023. The […]
The federal government’s new Underused Housing Tax came into effect on January 1st, 2022. It introduced a 1 per cent annual tax on the ‘specified value’ of a vacant or ‘underused’ residential property owned in whole or in part by non-resident, non-Canadian citizens. Despite the legislation’s many exemptions, it is very broad and ensnares several […]
“ASSIGNING” A RESIDENTIAL PURCHASE AGREEMENT Purchasers of new homes and condominiums sometimes sell their rights to the property before the closing. This happens frequently with new homes or condos that take years to be built. It may happen because of a change in circumstances, or simply because the buyer wants to profit from an increase […]
Rising interest rates have touched virtually every corner of Canada’s economy. Accordingly, the Canada Revenue Agency’s prescribed interest rate is set to increase in lockstep yet again. It will jump to 4 per cent in the first quarter of 2023, up from the current 3 per cent. This is the third consecutive quarter that the prescribed […]
In the wake of its doubling on July 1st, 2022, the Canada Revenue Agency’s prescribed rate will increase to 3 per cent on October 1st of this year. The rate, which sets interest rates for everything from tax refunds to outstanding tax debts, is currently set at 2 per cent. The prescribed interest rate is determined […]
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