The CRA's prescribed rate of interest for loans is 5% from October 1, 2023 to December 31, 2023.
The prescribed rate of interest affects taxable benefits when loans are made to employees or family members.
How the CRA calculates the prescribed rate of interest
The CRA picks the prescribed rate based on the average 90-day Government of Canada T-bill rate for the first month of the previous quarter. Prescribed rates are always rounded up.
This article is updated every time the CRA announces the prescribed rate for a quarter.
Making a prescribed rate loan
LegalDeeds can write a prescribed rate loan agreement for only $5.
Visit LegalDeeds' Promissory Notes page to write your loan agreement today.