Prime Rate of Interest
(Sections 44.1 and 44.5 of The Elections Finances Act)
If a loan is made to an entity (i.e. a provincially registered political party or any of its candidates, constituency associations or leadership contestants) at a rate of interest that is less than the prime rate of the government's principal banker at the time the rate of interest on the loan is fixed, the difference between the amount of interest that would be payable at that prime rate and the amount being charged for the loan is deemed to be a contribution (or a transfer if the loan is from one entity to another entity).
The prime rate of interest of the government's principal banker is as follows:
| Annual Rate of Interest |
Effective Date |
|---|---|
| 5.75% | Apr 26, 2006 |
| 6.00% | May 25, 2006 |
| 6.25% | July 11, 2007 |
| 5.25% | Mar 4, 2008 |
| 4.75% | Apr 25, 2008 |
| 4.50% | Oct 9, 2008 |
| 4.25% | Oct 14, 2008 |
| 4.00% | Oct 22, 2008 |
| 3.50% | Dec 10, 2008 |
| 3.00% | Jan 21, 2009 |
| 2.50% | Mar 04, 2009 |
| 2.25% | Apr 22, 2009 |
