The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid for the fourth quarter of 2019 (October 1 – December 31, 2019) are as follows:
- 7% on taxes owed to the ministry
- 1% on taxes overpaid
- 4% on taxes or refunds individuals and corporations are eligible for as a result of a successful appeal or objection
- 4% on late International Fuel Tax Agreement payments
- 4% on International Fuel Tax Agreement refunds the ministry has not paid within 90 days
A full listing of rates for 2019 can be found on the Ontario government website at www.Ontario.ca/taxinterestrates.