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CRA interest rates on outstanding taxes increasing

Tax Bulletin: CRA interest rate on outstanding taxes will soon reach 10%

The period of relatively low Canada Revenue Agency interest rates on overdue taxes seems like a distant (and fond) memory. Those charges are now hitting an uncomfortably high level that creates potential new challenges for taxpayers. Beginning in January 2024, CRA prescribed interest rates on overdue or outstanding balances will climb to 10 per cent—from […]