Effect of Prescribed Rate Interest Increases on CRA Payments

Various payments are made to CRA throughout the year or at the end of the year, whether it be for instalments, GST/HST remittances, or your income tax due. Missing a payment deadline or not paying sufficient instalments can result in CRA charging interest on the outstanding balance.

The prescribed interest rates CRA uses to are related to the interest rate determined by the Bank of Canada. With increasing interest rates, it is important that individuals and corporations, pay their balances due on time to avoid unnecessary interest. The current interest rate charged by CRA is 6% on overdue balances with this increasing to 7% on October 1^st, 2022.

Upcoming personal tax instalments are due on the following dates:

September 15, 2022
December 15, 2022
March 15, 2023
June 15, 2023

Corporate tax and HST instalments will depend on your payment frequency.

Please contact Hendry Warren should you need more details about the required instalments to make.

Testimonial from Rob Waterman - President at Waterman Sales Ltd.

We have been in Business since 1992 and had an accountant who was a family friend. When he retired, we needed to find a new accountant. Jacob at Hendry Warren was recommended to us through our Lawyer. We met with him and were impressed immediately; over the years we have gotten to know more of the staff and are equally impressed. They have done our company taxes, company valuations, share purchases, tax planning, covid relief, personal taxes, etc. All of which have gone very smoothly. Hendry Warren is aware of new legislation and has helped us grow as a company.

Rob Waterman (President at Waterman Sales Ltd.)

Testimonial from Lynn LaHam - CPA, CGA, Crossroads Children’s Centre

Hendry Warren is a very professional organization who are very sensitive to client needs and timelines. Marie Fraser and all of the staff that I have met and worked with exhibit the same degree of courtesy and professionalism. It is always a pleasure working with them.

Lynn LaHam ( CPA, CGA, Crossroads Children’s Centre)

Testimonial from Chris Jerome, Treasurer - Habitat for Humanity – National Capital Region

Hendry Warren LLP has been easy to work with, dependable, personable and professional and are always available when we need them. The annual audit process is efficient and timely and their staff is always knowledgeable and well prepared.

Chris Jerome, Treasurer (Habitat for Humanity – National Capital Region)

Testimonial from Don Silverman - CFO Sciemetric

From the partners to the new graduates, the quality of service and advice were second to none…we rely heavily on the advice we are given from both an audit and tax perspective…I know that our firm can count on Hendry Warren LLP to be accurate, timely and professional at all times.

Don Silverman (CFO Sciemetric)

Testimonial from Gordon Miller - President, UNIGLOBE Premiere Travel

In every instance where advice or assistance has been needed it has been provided with clarity and timeliness. And with a very satisfactory outcome. Our accounting staff have always appreciated the efficiency of Hendry-Warren team assigned to our audits and review engagements. We appreciate that Hendry-Warren LLP is able to support our needs as a paperless group of companies.

Gordon Miller (President, UNIGLOBE Premiere Travel)

Testimonial from Les Bell, - CPA, CA, President, Lincoln Heights Ford Sales Ltd.

Ian Hendry is a truly responsive and responsible partner in our business and has been for over 20 years. I would (and have) recommend his services to everyone.

Les Bell, (CPA, CA, President, Lincoln Heights Ford Sales Ltd.)

Testimonial from Colin Goodfellow - field_5cebff5066bfc

I have used Marie Fraser and her team at Hendry Warren for business, personal and special projects. Deep enough bench strength to cover anything, and small enough to pay attention.

Colin Goodfellow (field_5cebff5066bfc)

Testimonial from Rupert Bonham-Carter - field_5cebff5066bfc

Jacob has been invaluable over the past 18 months in assisting with the incorporation and start-up of my new business venture. I trust Jacob's advice on complicated income tax and HST matters to allow me to focus on what is most important - my business!

Rupert Bonham-Carter (field_5cebff5066bfc)

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