Increase in CRA Prescribed Interest Rate effective April 1, 2023
The CRA Prescribed Interest Rate will increase to 5% as of April 1, 2023. This rate will be in effect from April 1–June 30, 2023.
This is the interest rate used to calculate taxable benefits for employees from interest-free and low-interest loans, which will have an effect on future loans made under the Faculty Home Ownership Program. For new Prescribed Interest Rate Loans, this means the interest paid by faculty members will be 5%; for Down Payment Assistance Loans, the taxable benefit to the faculty member will be calculated at 5%.
For details of how this will impact faculties' share of loan costs or other questions, please contact Jessica Hou, Manager, Contract, Leases and Housing, at email@example.com.