1. What is Post Judgment Interest?

Post judgment interest is the interest that accrues on a court-ordered judgment amount from the date of judgment until the amount is paid in full. In Alberta, this is calculated at the prescribed rate (typically 5% per annum simple interest).

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( Principal \) — Original judgment amount (CAD)
• \( Rate \) — Annual interest rate (decimal)
• \( Days \) — Number of days interest accrues

Explanation: The formula calculates simple interest on the judgment amount for the specified number of days at the given annual rate.

3. Importance of Calculating Judgment Interest

Details: Accurate interest calculation ensures creditors receive full compensation for delayed payment and helps debtors understand their total obligation.

4. Using the Calculator

Tips: Enter the judgment amount in CAD, the annual interest rate as a decimal (e.g., 0.05 for 5%), and the number of days since judgment. All values must be valid (amount > 0, rate ≥ 0, days > 0).

5. Frequently Asked Questions (FAQ)

Q1: What is the current prescribed rate in Alberta?
A: As of 2023, the typical rate is 5% per annum simple interest, but you should verify the current rate with the Alberta Courts.

Q2: Does interest compound annually?
A: No, post judgment interest in Alberta is simple interest (does not compound).

Q3: From when should I start counting days?
A: Interest typically accrues from the date of judgment until the date of payment.

Q4: Are there exceptions to this calculation?
A: Some judgments may specify different interest terms. Always check the court order.

Q5: Can this calculator be used for pre-judgment interest?
A: No, pre-judgment interest may have different calculation rules. This calculator is for post-judgment interest only.