Interest rate increases may affect you

For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates:

  • 6% for overpayments (5% for corporations). (payments made in excess of the amount owed)

  • 3.5% for the portion of a corporate overpayment exceeding $10,000.

  • 6% for underpayments. (taxes owed but not fully paid)

  • 8% for large corporate underpayments.