Criminal Interest Rate Regulations (SOR/2024-114)

Marginal note:Criteria

1 For the purposes of subsection 347.01(1) of the Criminal Code, section 347 of that Act does not apply in respect of an agreement or arrangement if

• (a) the borrower is not a natural person;

• (b) the borrowing is for a business or commercial purpose; and

• (c) either

  • (i) the amount of the credit advanced is more than $10,000 but less than or equal to $500,000 and the annual percentage rate of interest — calculated in accordance with generally accepted actuarial practices and principles — does not exceed 48% on the credit advanced, or

  • (ii) the amount of the credit advanced is more than $500,000.