New Trust Reporting Menu
We want to bring to your attention changes that may affect you in the coming tax season and throughout 2024:
- Reporting by Trusts
- Underused Housing Tax
- Toronto Vacant Housing Tax
- Sales of residential Real Estate
- Canada Pension Plan
- Home Office Expenses
- Prescribed Interest Rates – YOU ARE HERE
- Tax-Free Savings Account Contribution Limits
- Changes to Ontario Business Registry
- Not-for-Profit and Charitable Organizations
Prescribed Interest Rates
Interest rates
Effective January 1, 2024 , the prescribed interest rate on overdue tax increased to 10%, which makes it more important to pay instalments and taxes on time in order to avoid these non-deductible interest charges.
Effective January 1, 2024, the prescribed interest rate on shareholder loans increased to 6% per annum.
The rates are set quarterly.