Canada: Prescribed rates of interest for income tax, PLOI purposes (third quarter 2022)
Prescribed interest rates for income tax and for pertinent loan or indebtedness purposes for the third quarter of 2022
Third quarter prescribed interest rates for income tax and for PLOI purposes
The prescribed interest rates for income tax and for pertinent loan or indebtedness (PLOI) purposes for the third quarter of 2022 (1 July 2022 - 30 September 2022) reflect:
- An increase of 1% to the prescribed income tax interest rate for taxable benefits, overpaid taxes, and underpaid taxes from the rate for the second quarter of 2022. Read a May 2022 report 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 5.20% (from 4.38%) for the third quarter of 2022. Read a May 2022 report prepared by the KPMG member firm in Canada
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