Interest rates

On this page

• Bank rate
• Payment on due date

Bank rate

The Bank rate is used as the basis to calculate the payment on due date interest rate.

The current bank rate as set on July 13, 2023, is 5.25%.

Payment on due date

Government of Canada departments use the payment on due date interest rate to calculate the interest on overdue supplier accounts and to charge interest on overdue accounts receivable.

As per the Interest and Administrative Charges Regulations, the rate is based on the average Bank of Canada discount rate from the previous month plus 3%.

Previous payment on due date interest rates (for the past 7 years)