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

1 July 2023 - 30 September 2023

Income tax, PLOI purposes (third quarter 2023)

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

  • No change to the prescribed income tax interest rate for taxable benefits, overpaid taxes, and underpaid taxes from the rate for the second quarter of 2023. The rate remains at 5%. Read a May 2023 report [PDF 245 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 8.44% (from 8.40%) for the third quarter of 2023. Read a May 2023 report [PDF 240 KB] prepared by the KPMG member firm in Canada

 

 

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