Interest rates for income tax related programs
Last updated on September 20, 2024Interest rates for income tax related programs are set every quarter based on the prime interest rate of B.C.’s principal banker.
- The interest rate we pay on refunds and credit balances (credit rate) is prime minus 2%.
- The interest rate we charge on overdue balances and late payments (debit rate) is prime plus 3%.
The rates listed on this page do not apply to personal and corporate income tax. For personal and corporate income tax, interest is calculated using the federally prescribed rates used by the Canada Revenue Agency.
Overdue balances
The rates in the table below apply to balances due under the:
- B.C. Emergency benefit for workers (Part 14 of the B.C. Income Tax Act)
- B.C. Increased employment incentive (Part 2.1 of the Employer Health Tax Act)
- B.C. Recovery benefit (Part 15 of the B.C. Income Tax Act)
- Employer health tax
- Insurance premium tax
- International business activity program
- Logging tax
- Natural gas tax credit (Part 13 of the B.C. Income Tax Act)
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| January | 10.20 | 9.45 | 5.45 | 5.45 | 6.95 | 6.95 | 6.20 | 5.70 | 5.70 | 6.00 |
| February | 10.20 | 9.45 | 5.45 | 5.45 | 6.95 | 6.95 | 6.20 | 5.70 | 5.70 | 6.00 |
| March | 10.20 | 9.45 | 5.45 | 5.45 | 6.95 | 6.95 | 6.20 | 5.70 | 5.70 | 6.00 |
| April | 10.20 | 9.70 | 5.70 | 5.45 | 5.95 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| May | 10.20 | 9.70 | 5.70 | 5.45 | 5.95 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| June | 10.20 | 9.70 | 5.70 | 5.45 | 5.95 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| July | 9.95 | 9.95 | 6.70 | 5.45 | 5.45 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| August | 9.95 | 9.95 | 6.70 | 5.45 | 5.45 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| September | 9.95 | 9.95 | 6.70 | 5.45 | 5.45 | 6.95 | 6.45 | 5.70 | 5.70 | 5.85 |
| October | 9.45 | 10.20 | 8.45 | 5.45 | 5.45 | 6.95 | 6.70 | 6.20 | 5.70 | 5.70 |
| November | 9.45 | 10.20 | 8.45 | 5.45 | 5.45 | 6.95 | 6.70 | 6.20 | 5.70 | 5.70 |
| December | 9.45 | 10.20 | 8.45 | 5.45 | 5.45 | 6.95 | 6.70 | 6.20 | 5.70 | 5.70 |
Credits and refunds
The rates in the table below apply to refunds owing under the:
- Employer health tax
- Insurance premium tax
- International business activity program
- Logging tax
- Natural gas tax credit (Part 13 of the B.C. Income Tax Act)
No interest is paid on refunds and credit balances for the B.C. emergency benefit for workers, the B.C. recovery benefit or the B.C. increased employment incentive.
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| January | 5.20 | 4.45 | 0.45 | 0.45 | 1.95 | 1.95 | 1.20 | 0.70 | 0.70 | 1.00 |
| February | 5.20 | 4.45 | 0.45 | 0.45 | 1.95 | 1.95 | 1.20 | 0.70 | 0.70 | 1.00 |
| March | 5.20 | 4.45 | 0.45 | 0.45 | 1.95 | 1.95 | 1.20 | 0.70 | 0.70 | 1.00 |
| April | 5.20 | 4.70 | 0.70 | 0.45 | 0.95 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| May | 5.20 | 4.70 | 0.70 | 0.45 | 0.95 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| June | 5.20 | 4.70 | 0.70 | 0.45 | 0.95 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| July | 4.95 | 4.95 | 1.70 | 0.45 | 0.45 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| August | 4.95 | 4.95 | 1.70 | 0.45 | 0.45 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| September | 4.95 | 4.95 | 1.70 | 0.45 | 0.45 | 1.95 | 1.45 | 0.70 | 0.70 | 0.85 |
| October | 4.45 | 5.20 | 3.45 | 0.45 | 0.45 | 1.95 | 1.70 | 1.20 | 0.70 | 0.70 |
| November | 4.45 | 5.20 | 3.45 | 0.45 | 0.45 | 1.95 | 1.70 | 1.20 | 0.70 | 0.70 |
| December | 4.45 | 5.20 | 3.45 | 0.45 | 0.45 | 1.95 | 1.70 | 1.20 | 0.70 | 0.70 |