Canada: Prescribed rates of interest for income tax, PLOI purposes (second quarter 2023)

Increases to the prescribed rates

Increases to the prescribed rates

The prescribed interest rates for income tax and for pertinent loan or indebtedness (PLOI) purposes for the second quarter of 2023 (1 April 2023 - 30 June 2023) reflect:

  • An increase of 1% to the prescribed income tax interest rate for taxable benefits, overpaid taxes, and underpaid taxes (that is, an increase from the rate that applies for the first quarter of 2023). Read a February 2023 report [PDF 211 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 8.40% (from 8.00%) for the second quarter of 2023. Read a February 2023 report [PDF 208 KB] prepared by the KPMG member firm in Canada


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