ARCHIVED - Prescribed Rates of Interest, updated January 2007
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ARCHIVED - Prescribed Rates of Interest, updated January 2007
We have archived this page and will not be updating it.
You can use it for research or reference.
We have archived this page and will not be updating it.
You can use it for research or reference.
January 2007
Prescribed interest rates are adjusted every calendar quarter.
Table of Contents
Current Prescribed Rates of Interest
The Budget Implementation Act, 2003 implemented amendments to harmonize the interest and penalty provisions of the Excise Act, 2001, the non-GST/HST parts of the Excise Tax Act, and the
Income Tax Act effective July 1, 2003.
This publication lists these new prescribed rates as well as the rates which apply to the periods before
July 1, 2003.
Excise Taxes and Excise Duty
For the period commencing July 1, 2003
The following table lists the prescribed rates for the periods indicated as they apply to excise tax and excise duty (except beer) under the Excise Act, 2001.
|
Period |
Interest Rate for Arrears and Instalment (per annum) |
Refund Interest Rate (per annum) |
|
January 1 – March 31, 2007 |
9.0 % |
7.0 % |
|
October 1 – December 31, 2006 |
9.0 % |
7.0 % |
|
July 1 – September 30, 2006 |
8.0 % |
6.0 % |
|
April 1 – June 30, 2006 |
8.0 % |
6.0 % |
|
January 1 – March 31, 2006 |
7.0 % |
5.0 % |
|
October 1 – December 31, 2005 |
7.0 % |
5.0 % |
|
July 1 – September 30, 2005 |
7.0 % |
5.0 % |
|
April 1 – June 30, 2005 |
7.0 % |
5.0 % |
|
January 1 – March 31, 2005 |
7.0 % |
5.0 % |
|
October 1 – December 31, 2004 |
7.0 % |
5.0 % |
|
July 1 – September 30, 2004 |
6.0 % |
4.0 % |
|
April 1 – June 30, 2004 |
7.0 % |
5.0 % |
|
January 1 – March 31, 2004 |
7.0 % |
5.0 % |
|
October 1 – December 31, 2003 |
7.0% |
5.0 % |
|
July 1 – September 30, 2003 |
8.0% |
6.0 % |
* Separate tables on page 4 of this publication list the prescribed rates prior to July 1, 2003 for excise taxes and excise duties.
Excise Act
For the period commencing July 1, 2003
The following table lists the prescribed rates of interest for the periods indicated as they apply to
Excise Duty Brewer Licensees.
In addition to interest, a penalty of 6 per cent per annum applies on all late remittances. Penalty and interest are compounded daily based on the total tax , penalty and interest outstanding.
|
Period |
Interest Rate (per annum) |
|
January 1 – March 31, 2007 |
7.0 % |
|
Period |
Interest Rate (per annum) |
|
October 1 – December 31, 2006 |
7.0 % |
|
July 1 – September 30, 2006 |
6.0 % |
|
April 1 – June 30, 2006 |
6.0 % |
|
January 1 – March 31, 2006 |
5.0 % |
|
October 1 – December 31, 2005 |
5.0 % |
|
July 1 – September 30, 2005 |
5.0 % |
|
April 1 – June 30, 2005 |
5.0 % |
|
January 1 – March 31, 2005 |
5.0 % |
|
October 1 – December 31, 2004 |
5.0 % |
|
July 1 – September 30, 2004 |
4.0 % |
|
April 1 – June 30, 2004 |
5.0 % |
|
January 1 – March 31, 2004 |
5.0 % |
|
October 1 – December 31, 2003 |
5.0 % |
|
July 1 – September 30, 2003 |
6.0 % |
* Separate tables on page 4 of this publication list the prescribed rates prior to July 1, 2003 for excise taxes and excise duties under the Excise Act.
Goods and Services Tax / Harmonized Sales Tax (GST/HST) and the Air Travellers Security Charge (ATSC)
The annualized prescribed rates of interest with respect to the GST/HST and the ATSC are listed below.
To calculate interest, divide the annualized rate by 365 (366 during a leap year) and apply it daily.
In addition to interest, a penalty of 6 per cent per annum applies on all late remittances. Penalty and interest are compounded daily based on the total tax (or security charge), penalty and interest outstanding.
|
Period |
Interest Rate (per annum) |
|
January 1 – March 31, 2007 |
3.6500 % |
|
October 1 – December 31, 2006 |
3.5707 % |
|
July 1 – September 30, 2006 |
3.5707 % |
|
April 1 – June 30, 2006 |
3.6099 % |
|
January 1 – March 31, 2006 |
2.4333 % |
|
October 1 – December 31, 2005 |
2.3804 % |
|
July 1 – September 30, 2005 |
2.3804 % |
|
April 1 – June 30, 2005 |
2.4066 % |
|
January 1 – March 31, 2005 |
2.4333 % |
|
Period |
Interest Rate (per annum) |
|
October 1 – December 31, 2004 |
2.3870 % |
|
July 1 – September 30, 2004 |
2.3870 % |
|
April 1 – June 30, 2004 |
2.4132 % |
|
January 1 – March 31, 2004 |
2.4132 % |
|
October 1 – December 31 2003 |
2.3804 % |
|
July 1 – September 30, 2003 |
3.5707 % |
|
April 1 – June 30, 2003 |
2.4066% |
|
January 1 – March 31, 2003 |
2.4333% |
|
October 1 – December 31, 2002 |
2.3804% |
|
July 1 – September 30, 2002 |
2.3804% |
|
April 1 – June 30, 2002 |
2.4066% |
|
January 1 – March 31, 2002 |
2.4333% |
|
October 1 – December 31, 2001 |
4.7609% |
|
July 1 – September 30, 2001 |
4.7609% |
|
April 1 – June 30, 2001 |
4.8132% |
|
January 1 – March 31, 2001 |
6.0833% |
|
October 1 – December 31, 2000 |
5.9674% |
|
July 1 – September 30, 2000 |
5.9674% |
|
April 1 – June 30, 2000 |
4.8264% |
|
Jan. 1 – March 31, 2000 |
4.8264% |
|
October 1 – December 31, 1999 |
4.7609% |
|
July 1 – September 30, 1999 |
4.7609% |
|
April 1 – June 30, 1999 |
4.8132% |
|
January 1 – March 31, 1999 |
4.8667% |
|
October 1 - December 31, 1998 |
4.7609% |
|
July 1 - September 30, 1998 |
4.7609% |
|
April 1 - June 30, 1998 |
3.6098% |
|
January 1 - March 31, 1998 |
3.6499% |
|
October 1 – December 31, 1997 |
3.5707% |
|
July 1 – September 30, 1997 |
3.5707% |
|
April 1 – June 30, 1997 |
2.4066% |
|
January. 1 – March 31, 1997 |
3.6499% |
|
October 1 - December 31, 1996 |
4.7739% |
|
July 1 - September 30, 1996 |
4.7739% |
|
April 1 - June 30, 1996 |
6.0330% |
|
January 1 - March 31, 1996 |
7.2396% |
For the period prior to July 1, 2003
Excise Taxes
The following table lists the prescribed rates for the periods indicated as they applied to excise taxes before July 1, 2003.
In addition to interest, a penalty of 0.5 per cent per month applies on late remittances of excise taxes. Penalty and interest are compounded monthly for each part or whole month the payment is outstanding.
|
Period |
Interest Rate (per month) |
|
April 1 - June 30, 2003 |
0.2% |
|
January 1 - March 31, 2003 |
0.2% |
|
October 1 – December 31, 2002 |
0.2% |
|
July 1 – September 30, 2002 |
0.2% |
|
April 1 – June 30, 2002 |
0.2% |
|
January 1 - March 31, 2002 |
0.2% |
|
October 1 – December 31, 2001 |
0.4% |
|
July 1 - September 30, 2001 |
0.4% |
|
April 1 – June 30, 2001 |
0.4% |
|
January 1 - March 31, 2001 |
0.5% |
|
October 1 - December 31, 2000 |
0.5% |
|
July 1 - September 30, 2000 |
0.5% |
|
April 1 - June 30, 2000 |
0.4% |
|
January 1 - March 31, 2000 |
0.4% |
|
October 1 - December 31, 1999 |
0.4% |
|
July 1 - September 30, 1999 |
0.4% |
|
April 1 - June 30, 1999 |
0.4% |
|
January 1 - March 31, 1999 |
0.4% |
|
October. 1 - December 31, 1998 |
0.4% |
|
July 1 - September 30, 1998 |
0.4% |
|
April 1 - June 30, 1998 |
0.3% |
|
January 1 - March 31, 1998 |
0.3% |
|
Period |
Interest Rate (per month) |
|
October. 1 - December 31, 1997 |
0.3% |
|
July 1 - September 30, 1997 |
0.3% |
|
April 1 - June 30, 1997 |
0.2% |
|
January 1 - March 31, 1997 |
0.3% |
|
October 1 - December 31, 1996 |
0.4% |
|
July 1 - September 30, 1996 |
0.4% |
|
April 1 - June 30, 1996 |
0.5% |
|
January 1 - March 31, 1996 |
0.6% |
Excise Act
The following table lists the prescribed interest rates under the Excise Act for the periods indicated before July 1, 2003. In addition to interest, a penalty of 0.5 per cent per month applies on late payment of duties under the Excise Act.
For excise duty, penalties compound monthly, and interest compounds daily.
|
Period |
Interest Rate (per annum) |
|
April 1 - June 30, 2003 |
5.0% |
|
January 1 - March 31, 2003 |
5.0% |
|
October 1 – December 31, 2002 |
5.0% |
|
July 1 – September 30, 2002 |
5.0% |
|
April 1 – June 30, 2002 |
4.0% |
|
January 1- March 31, 2002 |
5.0% |
|
October 1 – December 31, 2001 |
7.0% |
|
July 1 - September 30, 2001 |
7.0% |
|
April 1 – June 30, 2001 |
8.0% |
|
January 1 - March 31, 2001 |
8.0% |
|
October 1 - December 31, 2000 |
8.0% |
|
July 1 - September 30, 2000 |
8.0% |
|
April 1 - June 30, 2000 |
8.0% |
|
Jan. 1, - March 31, 2000 |
7.0% |
|
October 1 - December 31, 1999 |
7.0% |
|
July 1 - September 30, 1999 |
7.0% |
|
April 1 - June 30, 1999 |
7.0% |
|
January 1 - March 31, 1999 |
7.0% |
|
Period |
Interest Rate (per month) |
|
October 1 – December 31, 1998 |
7.0% |
|
July 1 – September 30, 1998 |
7.0% |
|
April 1 – June 30, 1998 |
7.0% |
|
January 1 – March 31, 1998 |
6.0% |
|
October 1 - December 31, 1997 |
6.0% |
|
July 1 - September 30, 1997 |
6.0% |
|
April 1 - June 30, 1997 |
5.0% |
|
January 1 - March 31, 1997 |
6.0% |
|
October 1 - December 31, 1996 |
7.0% |
|
July 1 - September 30, 1996 |
8.0% |
|
April 1 - June 30, 1996 |
8.0% |
|
January.1 - March 31, 1996 |
9.0% |
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- Date modified:
- 2017-06-22