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What is the Interest rate we, as a small business in Ontario…

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What is the Interest rate...
What is the Interest rate we, as a small business in Ontario Canada charge?
Submitted: 2 years ago.Category: Canada Law
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Answered in 20 minutes by:
1/20/2016
Lawyer: Debra, Lawyer replied 2 years ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,981
Experience: Lawyer
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Unless you breach the criminal code which of course is not anything you are considering, you can charge whatever interest rate you want so long as you make it clear at the time you are providing the service that you will be charging this interest rate.

It would not make sense not to charge a reasonable interest rate because if you don't adhere to community standards for your type of service in Ontario then you will lose clients but there is nothing unlawful about about charging a higher interest rate so long as you make it clear from the start what that interest rate is.

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Customer reply replied 2 years ago
When we first gave the customers their invoice it did not have any interest on it. The original agreement was a verbal contract. When we had not heard from them in 30 days we sent a new invoice with 2 1/2 % interest and a sticky note that if they had already sent a cheque ignore the interest. We sit here 1 year 2 months later. There was an argument about the bill when the client sent us a cheque for what they thought the bill should be- short over $10,000 - with a note on the bottom of their cheque that if we cashed it we were to deem the debt fully paid. Needless to say we never cashed the cheque and it was only 2 months ago that we received that money without stipulation. Now we are going to small claims court and their lawyer says we cannot charge them interest. If we do charge interest we cant charge more than 5% per year. What are your thoughts?
Lawyer: Debra, Lawyer replied 2 years ago

If there was no agreement about interest then the court order the interest be paid, if you are owed the money in the eyes of the Court.

You will receive an order for both pre-judgment and post judgment interest. The rate of interest is set up by regulation and the court will order that interest only. So if there is no agreement the regulation will set the interest for the judgment.

You should be seeking interest pursuant to the courts of Justice Act. Here is a link to the interest rateshttps://www.attorneygeneral.jus.gov.on.ca/english/courts/interestrates.php

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Customer reply replied 2 years ago
thank you very much :)
Lawyer: Debra, Lawyer replied 2 years ago

You are very welcome.

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