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ARTICLE · 23 JULY 2024

Canada's New Criminal Interest Rate To Take Effect Jan 1, 2025

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On June 19, 2024, the federal government published the final Criminal Interest Rate Regulations indicating that Canada's new criminal interest rate will come into force on Jan. 1, 2025.

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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On June 19, 2024, the federal government published the final Criminal Interest Rate Regulations indicating that Canada's new criminal interest rate will come into force on Jan. 1, 2025. We previously reported on Canada's criminal interest rate reform in our article, Criminal interest rate: Canada sets high stakes for high rates.

Currently, the criminal interest rate under the Criminal Code is an effective annual rate of interest that exceeds 60 per cent. The government has lowered the rate, from the equivalent of approximately 48 per cent on an annual percentage basis, to an annual percentage rate (APR) that exceeds 35 per cent.

Exemptions

Commercial loans

The Criminal Interest Rate Regulations include exemptions from the criminal interest rate for commercial loans between $10,000 and $500,000 so long as these loans do not exceed an APR of 48 per cent. Commercial loans above $500,000 will not be subject to the criminal interest rate (commercial loans below

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