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ARTICLE · 03 JULY 2015

Pre-Judgment Interest: Part I: Establishing A Rate – A Basic Framework

Matson Driscoll & Damico
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This first post on pre-judgment interest deals with the basic question: what is the best method by which to calculate a pre-judgment interest rate?

CanadaLitigation, Mediation & Arbitration
Ephraim Stulberg
Ephraim Stulberg
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DAMAGES ASPECTS OF CANADIAN CASE LAW

This first post on pre-judgment interest deals with the basic question: what is the best method by which to calculate a pre-judgment interest rate?

The Law

Pre-judgment interest is interest that is added to a plaintiff's monetary award in respect of past losses suffered prior to the date judgment is pronounced.

Pre-judgment interest may be awarded by statute. In Ontario, for example, the relevant legislation is found in sections 127 to 130 of the Courts of Justice Act. The pre-judgment interest rates set out in those sections are noteworthy in two respects:

  • Rate - the prejudgment interest rate is based on "the bank rate established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short-term advances to Canadian banks". This is a very low interest rate that reflects very little in the way of a premium for default risk.

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