Small Claims Interest Calculator Ontario

This small claims interest calculator helps you determine how much interest accrues on an unpaid judgment in Ontario. Simply enter the judgment amount, interest rate, and time period to calculate the total interest owed.

How to Use This Calculator

Using our small claims interest calculator is straightforward. Follow these steps:

Enter the judgment amount in the first field.
Select the applicable interest rate from the dropdown menu.
Enter the number of days the judgment has been unpaid.
Click "Calculate" to see the total interest owed.

The calculator will display the total interest amount and show a breakdown of how the interest was calculated.

How Interest is Calculated

In Ontario, interest on small claims judgments is calculated using the simple interest formula:

Interest = Principal × Rate × Time

Principal - The judgment amount
Rate - The daily interest rate (varies by case)
Time - Number of days the judgment has been unpaid

The result is the total interest that must be paid to the claimant.

Interest Rates in Ontario

The interest rate for small claims judgments in Ontario varies depending on the type of case and the amount of the judgment. Common rates include:

Case Type	Daily Interest Rate
Small Claims Court	0.05% (0.5% per month)
Superior Court of Justice	0.075% (0.75% per month)
Provincial Court	0.1% (1% per month)

These rates are subject to change, so it's important to verify the current rates before calculating interest.

Examples

Example 1: Small Claims Court

If you have a judgment of $500 in Small Claims Court and it has been unpaid for 30 days, the interest would be calculated as:

Interest = $500 × 0.05% × 30 days = $7.50

The total amount owed would be $507.50.

Example 2: Superior Court of Justice

For a judgment of $1,000 in the Superior Court of Justice unpaid for 60 days:

Interest = $1,000 × 0.075% × 60 days = $45.00

The total amount owed would be $1,045.00.

Frequently Asked Questions

What is the maximum interest rate for small claims in Ontario?

The maximum daily interest rate for small claims in Ontario is 0.1% (1% per month) for cases heard in Provincial Court.

How do I pay the interest on a small claims judgment?

You can pay the interest through the court system or by contacting the claimant directly. The court may require proof of payment.

Can I negotiate the interest rate on a small claims judgment?

No, the interest rate is set by law and cannot be negotiated. However, you may be able to negotiate the judgment amount itself.