canada small-claims-court debt british-columbia
How is interest calculated on a debt?
<p>For the <a href="https://www2.gov.bc.ca/assets/gov/law-crime-and-justice/courthouse-services/court-files-records/court-forms/small-claims/scl013.pdf" rel="nofollow noreferrer">notice of payment hearing forum</a> it has a section for &quot;payment order&quot; and &quot;interest&quot;. How is interest calculated? What percent is it? What time does it start counting from, was it from when the order was made or until the plaintiff receives a copy of the validated order and the objection period was past?</p>
<p>For example if a plaintiff filed the application in January 2020, was awarded in February but didn't receive the validated ordered until March, which date would be used?</p>

<h2>In British Columbia this is governed by the <a href="https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/00_96079_01" rel="nofollow noreferrer">Court Order Interest Act</a></h2>
<p>There are too many whys and wherefores to give a definitive answer as when and on what interest is applicable varies and the rate changes over time and the rate can be agreed (e.g. in a contract) between the parties.</p>
