Tax interest rates

URL: https://data.ontario.ca/dataset/12d06aa0-ac2a-4c3f-a57f-46b4c9079eb7/resource/aabfc556-9856-49b1-9c93-59bf6abf5f3b/download/mof_interest_rates_oct_to_dec_2024.csv

Tax interest is compounded daily and interest rates are reset every 3 months.

Note: Provincial land tax interest rates are not reset every three months. Provincial land tax interest rates are summarized on the provincial land tax webpage. Interest rates do not apply to the Estate Administration Tax Act, 1998.

Current interest rates (October 1, 2024 to December 31, 2024):

• 10% on taxes you owe to the ministry
• 4% on taxes you overpaid
• 7% on taxes or refunds you are eligible for as a result of a successful appeal or objection
• 8% on late International Fuel Tax Agreement payments
• 8% on International Fuel Tax Agreement refunds the ministry has not paid you within 90 days

You can download the dataset to view the historical tax interest rates.

Non-Resident Speculation Tax (NRST)

(1) Interest on tax you overpaid begins to accrue 40 business days after a complete NRST rebate or refund application is received by the Ministry of Finance to the date the rebate or refund is paid.

(2) On refunds you are eligible for as a result of a successful appeal or objection of a NRST refund/rebate disallowance, the interest rate is the same rate as though you had overpaid and will begin to accrue 40 business days after a complete NRST rebate or refund application is received by the Ministry of Finance to the date the rebate or refund is paid. Refunds as a result of a successful appeal or objection of NRST that was paid pursuant to a Notice of Assessment, interest will accrue at the higher appeals/objection rate, beginning to accrue from the date of payment to the date the rebate or refund is paid.