Canada: Prescribed rates of interest for income tax, PLOI purposes (first quarter 2023)
Increases to the prescribed rates
First quarter 2023
The prescribed interest rates for income tax and for pertinent loan or indebtedness (PLOI) purposes for the first quarter of 2023 (1 January 2023 - 31 March 2023) reflect:
- An increase of 1% to the prescribed income tax interest rate for taxable benefits, overpaid taxes, and underpaid taxes for the first quarter of 2023. Read a November 2022 report [PDF 209 KB] prepared by the KPMG member firm in Canada
- An increase to the prescribed interest quarterly rate that is used to determine the deemed interest income inclusion from a PLOI—the rate is estimated to increase to 8% (from 6.45%) for the first quarter of 2023. Read a November 2022 report [PDF 204 KB] prepared by the KPMG member firm in Canada
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