Next think about the day the “cause of action” (reason for the case) arose. In this example, the interest rate you can claim is 0.5% because February 2021 is in the first quarter ( Q1) of 2021 and 0.5% is the rate for that quarter. Multiplying the result from step two by the number of days from when the “cause of action” arose to when the court order was made.įor example, if you are awarded $40,000 for a claim that you started in February 2021 and there is no other source that says the interest rate that will apply, then start by using the table below to find the interest rate for the correct quarter.Dividing the result from step one by 365 days per year.Multiplying the amount awarded by the court by the prejudgment interest rate that applies in your situation.The prejudgment interest amount you may claim is calculated by: plaintiff’s claim in the Small Claims Court.notice of action or notice of application in the Superior Court of Justice.The date you started your court case is the date the first document was issued by the court, for example: To find the right date, look at the quarter when you started your civil court case. Use the table to find out the prejudgment rate under the Courts of Justice Act that would apply in your situation. The amount of prejudgment interest will not be calculated until the date judgment is awarded. If no prejudgment interest rate was agreed upon, or set out in another source, you can ask the court to award you prejudgment interest at the rate set out in the Courts of Justice Act by saying this in your statement of claim, notice of application or plaintiff’s claim.
If your claim is related to a particular law (statute or regulation) and that law says what the interest rate is, that is the rate you must put in the statement of claim, notice of application or plaintiff’s claim.įor example, the prejudgment interest rate that applies to damages for non-pecuniary loss in an action for personal injury is the rate set out in the Rules of Civil Procedure, rule 53.10. For example, if the court case is about a written contract, and the contracts says the interest rate that will apply, you must put that rate in the statement of claim, notice of application or plaintiff’s claim. If the rate of prejudgment interest has already been agreed to by the parties, you must indicate that interest rate in your statement of claim, notice of application or plaintiff’s claim. If the parties have agreed on the rate or there is another source for the rate The total amount of prejudgment interest becomes fixed once the court order is made because the calculation ends on that date. Important: If you do not mention in your statement of claim, notice of application, or plaintiff’s claim that you want to receive prejudgment interest, it will not be included in the final judgment.
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