Bill
S-233
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ENGLISHSUMMARYSUMMARY1 Criminal Code1 Criminal Code2 Coming into Force2 Coming into ForceEXPLANATORY NOTESEXPLANATORY NOTES
Second Session, Forty-third Parliament,
69-70 Elizabeth II, 2020-2021
SENATE OF CANADA
BILL S-233
An Act to amend the Criminal Code (criminal interest rate)
FIRST READING, May 4, 2021
THE HONOURABLE SENATOR Ringuette
4321017
SUMMARY
This enactment amends the Criminal Code to reduce the criminal rate of interest from sixty per cent to the Bank of Canada’s overnight rate plus twenty per cent.
Available on the Senate of Canada website at the following address:
www.sencanada.ca/en
2nd Session, 43rd Parliament, 
69-70 Elizabeth II, 2020-2021
SENATE OF CANADA
BILL S-233
An Act to amend the Criminal Code (criminal interest rate)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.‍S.‍, c. C-46
Criminal Code
1 (1) The definition criminal rate in subsection 347(2) of the Criminal Code is replaced by the following:
criminal rate means an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds the Bank of Canada’s overnight rate plus twenty per cent on the credit advanced under an agreement or arrangement; (taux criminel)
(2) Subsection 347(2) of the Act is amended by adding the following in alphabetical order:
Bank of Canada’s overnight rate, in relation to credit advanced, means the Bank of Canada’s overnight rate on the day on which the agreement or arrangement under which the credit is or is to be advanced is entered into or renewed; (taux de financement à un jour de la Banque du Canada)
Coming into Force
Sixty days after royal assent
2 This Act comes into force 60 days after the day on which it receives royal assent.
Published under authority of the Senate of Canada
explanatory notes
Criminal Code
Clause 1: (1) Existing text of the definition:
criminal rate means an effective annual rate of interest
calculated in accordance with generally accepted actuarial practices and principles that exceeds sixty per cent on
the credit advanced under an agreement or arrangement;
(2) New.
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