Interest Rates and CRA Debt and Instalments
With interest rates on the rise, it is important to note that any instalments and taxes that are due, should be paid on time. Last year the instalment interest rate was minimal. However in 2023, the CRA instalment interest has increased to currently 8%. This makes it even more important for instalments and taxes owing to be paid on time. Instalments are usually due every 3 months on the 15th of the month. The next personal tax instalment date is March 15, 2023.
Please see the article below from Financial Post for details on methods of making instalments.
https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html