What is the statutory and presumptive range of the statutory interest rate for income tax purposes?
Ontario, Canada
The following excerpt is from Canadian Soccer Association v. Hyundai Auto Canada Corp., 2011 ONSC 1864 (CanLII):
In Hall v. Atto 2004 CanLII 5853 (Ont S.C.J.), the statutory rate varied from 6 per cent to 2.5 per cent. The court declined to exercise its discretion to vary from the presumptive rate.
In this case, the rate varied from 3.3 per cent to one per cent and went down to 0.5 per cent for four quarters. Following Graham v. Rourke, supra, I find that the decline of the statutory rate from 3.3 per cent to one per cent is not a substantial one in the circumstances.
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