Income Tax Interest Rates

Interest rates are set every quarter based on the prime interest rate of B.C.’s principal banker.

The interest rate that we pay on refunds and credit balances (credit rate) is prime minus 2%. The interest rate that we charge on outstanding balances and late payments (debit rate) is prime plus 3%.

Interest rates (%) we charge on outstanding balances and late payments (debit rates):

  2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
January 5.70 5.70 6.00  6.00 6.00 6.00 6.00 5.25 6.50 9.00
February 5.70 5.70 6.00  6.00 6.00 6.00 6.00 5.25 6.50 9.00
March 5.70 5.70 6.00  6.00 6.00 6.00 6.00 5.25 6.50 9.00
April 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.25 5.50 8.25
May 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.25 5.50 8.25
June 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.25 5.50 8.25
July 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.50 5.25 7.75
August 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.50 5.25 7.75
September 5.70 5.70 5.85  6.00 6.00 6.00 6.00 5.50 5.25 7.75
October 6.20 5.70 5.70  6.00 6.00 6.00 6.00 6.00 5.25 7.75
November 6.20 5.70 5.70  6.00 6.00 6.00 6.00 6.00 5.25 7.75
December 6.20 5.70 5.70  6.00 6.00 6.00 6.00 6.00 5.25 7.75

 

Interest rates (%) we pay on refunds and credit balances (credit rates):

  2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
January 0.70 0.70 1.00  1.00  1.00 1.00 1.00 0.25 1.50 4.00
February 0.70 0.70 1.00  1.00  1.00 1.00 1.00 0.25 1.50 4.00
March 0.70 0.70 1.00  1.00  1.00 1.00 1.00 0.25 1.50 4.00
April 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.25 0.50 3.25
May 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.25 0.50 3.25
June 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.25 0.50 3.25
July 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.50 0.25 2.75
August 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.50 0.25 2.75
September 0.70 0.70 0.85  1.00  1.00 1.00 1.00 0.50 0.25 2.75
October 1.20 0.70 0.70  1.00  1.00 1.00 1.00 1.00 0.25 2.75
November 1.20 0.70 0.70  1.00  1.00 1.00 1.00 1.00 0.25 2.75
December 1.20 0.70 0.70  1.00  1.00 1.00 1.00 1.00 0.25 2.75