The Canadian government is planning to rewrite regulations governing the amount of interest that can be charged on a loan, and one of the country’s largest law firms, Bennett Jones, says it is monitoring the proposed changes and consultation process.
Canada’s law on interest charges was last modified in 1978. Bennett Jones said the government is launching consultations to decide if the rate should be reduced even further.
Bennett Jones said it is “crucial the government understands effects, specifically on corporate entities, of altering the criminal interest rate as the potential risks and benefits to corporate lenders and borrowers may be material.”…