Tracey Lundell, BA, CIM ®’s Post

The Canada Revenue Agency has announced a 1% decrease to the prescribed annual interest rate on amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1st to December 31st, 2024. The interest rate on amounts owed to CRA will be 9% and the amounts owed by the CRA to corporations will be 5% and to non-corporation and individual taxpayer overpayments will be 7%.  Also included in this announcement was that the interest used to calculate taxable benefits for employee and shareholder low interest loans will be 5%. #seaglasswealth #CRA #taxes #intheknow #keepingyouinformed https://lnkd.in/duek_gsy

The Canada Revenue Agency has announced a 1% decrease to the prescribed annual interest rate on amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1st to December 31st, 2024. The interest rate on amounts owed to CRA will be 9% and the amounts owed by the CRA to corporations will be 5% and to non-corporation and individual taxpayer overpayments will be 7%.  Also included in this announcement was that the interest used to calculate taxable benefits for employee and shareholder low interest loans will be 5%. #seaglasswealth #CRA #taxes #intheknow #keepingyouinformed https://lnkd.in/gsgjBTHh

The Canada Revenue Agency has announced a 1% decrease to the prescribed annual interest rate on amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1st to December 31st, 2024. The interest rate on amounts owed to CRA will be 9% and the amounts owed by the CRA to corporations will be 5% and to non-corporation and individual taxpayer overpayments will be 7%.  Also included in this announcement was that the interest used to calculate taxable benefits for employee and shareholder low interest loans will be 5%. #seaglasswealth #CRA #taxes #intheknow #keepingyouinformed https://lnkd.in/dU-ZEF5H

The Canada Revenue Agency has announced a 1% decrease to the prescribed annual interest rate on amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1st to December 31st, 2024. The interest rate on amounts owed to CRA will be 9% and the amounts owed by the CRA to corporations will be 5% and to non-corporation and individual taxpayer overpayments will be 7%.  Also included in this announcement was that the interest used to calculate taxable benefits for employee and shareholder low interest loans will be 5%. #seaglasswealth #CRA #taxes #intheknow #keepingyouinformed https://lnkd.in/gtN4_9nN

CRA Clarifies Interest Deductibility Rules for Canadians The Canada Revenue Agency (CRA) has issued new guidelines on interest deductibility, specifying that only interest on loans used for earning income or for business purposes is deductible. Personal loan interest and interest on loans for non-income generating activities are generally not deductible. Additionally, the CRA clarified that interest on loans for investment in stocks or bonds can be claimed if the investments generate income. The new rules are designed to provide clearer direction on what constitutes eligible interest expenses for tax purposes. #taxupdate #canadataxes #crataxes #taxdeductions #taxaccountant

The Canada Revenue Agency (CRA) has announced prescribed annual interest rates for Q2 2024: ✅ The prescribed rate for loans to family members is set at 6%, maintaining the rate from the current quarter but noting an increase from 5% in Q4 of 2023. ✅ Overdue taxes, along with Canada Pension Plan contributions and employment insurance premiums, will carry a 10% interest rate. This remains unchanged from the current quarter but is up from 9% in Q4 of 2023. Remember, the CRA's charge on overdue amounts is always 4% above the prescribed rate. 💰 🔢 Other Key CRA Announcements for Q2 2024: • Corporate taxpayer overpayment rate: 6% • Non-corporate taxpayer overpayment rate: 8% • Interest-free & low-interest loans (for employees and shareholders taxable benefits): 6% • Corporate taxpayers’ pertinent loans or indebtedness rate: 9.04% For a full list of CRA’s prescribed interest rates, visit their official website. 

🇨🇦Tax debt can pose a significant challenge for many Canadians. If you find yourself in this situation with the Canada Revenue Agency, it can be overwhelming to know what to do next. Seeking assistance from a licensed insolvency trustee can help you navigate the process smoothly. Seeking help from a Licensed Insolvency Trustee (LIT) is essential when dealing with tax debts owed to the CRA to prevent consequences such as wage garnishment or freezing of bank accounts. LITs can negotiate with the CRA, propose payment schedules, and consider alternatives like consumer proposals or bankruptcy. Ignoring tax debts may result in legal actions and penalties, underscoring the importance of promptly addressing the matter with expert advice. Our experienced team can assist you throughout the CRA collections process, offering tailored solutions to meet your specific requirements. Take control of your financial situation today by reaching out to us for more information on how we can help you achieve freedom from debt. For all inquiries & to BOOK, contact us at: 📲 DM 📞 1-844-482-3328 💻 trustee.ca ___________________________ #canadianfinance #mortgages #mortgagerates #interestrates #debtrelief #debtfreecommunity #debtfreejourney #mortgageloans #mortgagelending #gtarealestate #realestatetoronto #ConsumerProposal #StudentLoan #FinancialNavigation #InsolventTrustees #taxes #trudea #cra

A reduced criminal interest rate is coming we just dont know when and under what terms.

The Canada Revenue Agency (CRA) has announced that Canadians with bare trust arrangements, such as co-signed mortgages or joint bank accounts, are now exempt from filing a T3 Income Tax and Information Return for the 2023 tax year, unless directly requested by the agency. This decision comes in response to unintended impacts on Canadians due to new reporting requirements for bare trusts. Bare trusts involve legal ownership of assets not matching entitlement, with trustees having no decision-making power over beneficiaries' assets. Co-signing mortgages with family members and other similar arrangements fall under bare trust agreements. The CRA will work with the Department of Finance to clarify guidance on this filing requirement in the future. #canadarevenyeagency #canadians #taxseason #taxes #canada

The prescribed rate on loans to family members will be 6% in the second quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 10%. That’s identical to the rates set in the current quarter but up from 5% and 9%, respectively, from the fourth quarter of last year.