|
Interest Rates on Security
Deposits
Click here for an
Interest on Security Deposits Calculator
The rate of interest on
security deposits is prescribed by Subsection 10(3) of the
Rental of Residential
Property Act, which reads as follows:
|
Rate of interest |
10.(3)
The lessor shall credit interest to the lessee on the full amount or
value of the security deposit
(a) at the rate
of six per cent per annum before April 20, 1981;
(b) from April 20, 1981 until the effective date, at the rate of
ten per cent per annum;
(c) from the effective date until the end of the calendar year
1988, at the rate of interest payable on provincial deposit receipts on the effective
date, less two per cent;
(d) for each year thereafter, at the rate of interest payable on
provincial deposit receipts on the first business day of each year, less two per cent,
during the time the security deposit is held by the lessor.
|
Actual Interest Payable on
Security Deposits
|
Year
|
Allowable
Interest Rate
|
|
2020
|
1%
|
|
2019
|
1%
|
|
2018
|
1.25%
|
|
2017 |
1%
|
|
2016
|
1%
|
|
2015
|
1%
|
|
2014
|
1%
|
|
2013 |
1%
|
|
2012 |
1% |
|
2011
|
1%
|
|
2010
|
0%
|
|
2009
|
0%
|
|
2008
|
1.50%
|
|
2007
|
1.50%
|
|
2006
|
1.00%
|
|
2005
|
1.00%
|
|
2004
|
1.25%
|
|
2003
|
1.50%
|
|
2002
|
1.50%
|
|
2001
|
3.25%
|
|
2000
|
3.00%
|
|
1999
|
2.25%
|
|
1998
|
2.25%
|
|
1997
|
2.00%
|
|
1996
|
3.50%
|
|
1995
|
5.00%
|
|
1994
|
2.75%
|
|
1993
|
5.00%
|
|
1992
|
5.50%
|
|
1991
|
8.75%
|
|
1990
|
8.00%
|
|
1989
|
7.75%
|
|
1981-1988
|
10.00%
|
Page Last Reviewed or Updated:
2020-04-21
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