This legal glossary is a basic guide to common legal terms. A lawyer is in the best position to advise you about your legal rights and responsibilities.
Different terms may have different meanings based on the specific area of law or the context in which they are being used. For legal terms not referred to in this glossary, or for more comprehensive definitions, you may wish to refer to a legal dictionary or to an internet resource.
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- Interest Rate
- The percentage that a person owing money must pay to a creditor or recipient for the period that the money owed is outstanding.
- Criminal Rate of Interest
- Interest above the maximum rate allowed under the Criminal Code of Canada.
- Prejudgment Interest Rate
- The rate at which interest will accrue from the date the cause of action arose to the date of the order.
- Postjudgment Interest Rate
- The rate at which interest will accrue for money owing under a court order, including costs, calculated from the date of the order to the date of payment.