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 chart below sets out the rates charged and paid for the first three quarters of 2011.

               Effective                                                        Interest Rate (%)

                                                    Overpayments       Underpayments       IFTA
From (2011)    To (2011)      General      Appeals                                     
January 1         March 3             0                  3                      6                          3
April 1              June 30              0                  3                      6                          3      July 1            September 30      0                  3                      6                          3                                                     
                
A listing of rates since 1983 and links to an outline of the statutes under which those rates are levied and paid can be found on the Ontario Finance Web site at http://www.rev.gov.on.ca/en/rates/interest/index.html.