A. Default settings – Federal
Options 1 to 3 of this section allow you to define the default settings to be applied in Form Interest and Late-Filing Penalty (Jump Code: INTEREST).
Option 4 allows you to include the interest and/or penalties calculated in the Interest form in the payment amount indicated on the Covering Letter to Accompany a Payment of Income Tax to the CRA (Jump Code: LETTER P). Note that the choice indicated with respect to this option can be modified for a particular client, in the “Letter P – Covering Letter to Accompany a Payment of Income Tax to the CRA” section of the Client Letter Worksheet (Jump Code: LW);
The check box for this option is not selected by default. However, the choice made with regards to this option will be retained when rolling forward the preparer profile.
B. Rates – Federal
The interest rate prescribed by the CRA might change every three months. You can verify the prescribed rate in effect on the CRA Web page, Prescribed interest rates and update it in your profile.
C. Rates – Alberta
The interest rate prescribed might change every three months. You can verify the prescribed rate in effect at the following address and update it in your profile: http://www.finance.alberta.ca/publications/tax_rebates/rates/int1.html
D. Rates – Québec
The interest rate prescribed by Revenu Québec might change every three months. To verify the prescribed rate in effect, consult the Revenu Québec Web page Interest rates on debts and update it in your profile.
See also