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 British Columbia, this rate is set by the Court Order Interest Act.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( Principal \) — Original judgment amount in CAD
• \( Rate \) — Annual interest rate as a decimal
• \( Days \) — Number of days interest has accrued

Explanation: The formula calculates simple interest on the principal 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 principal 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 positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current BC court interest rate?
A: The rate changes quarterly. Check the BC Court Order Interest Rates publication for current rates.

Q2: Is this calculator specific to BC?
A: Yes, this follows BC's simple interest calculation method under the Court Order Interest Act.

Q3: How are partial years handled?
A: Interest is calculated based on exact days divided by 365 (even in leap years).

Q4: Can this be used for pre-judgment interest?
A: No, pre-judgment interest has different calculation rules in BC.

Q5: What if the judgment amount changes?
A: You would need to calculate interest separately for each principal amount and time period.