Deposit Interest Calculator

Want to know how to calculate the interest owing on the full amount of the security or pet damage deposit? Calculate interest on security deposits using the deposit interest calculator.

How Interest is Calculated

Interest is calculated based on the rate set at the beginning of each year. Interest is compounded on the anniversary of the date the deposit was received by the landlord.

The interest on deposits is determined by section 4 of the Residential Tenancy Regulation:

The rate of interest under section 38 (1) (c) of the Act [return of deposits] that is payable to a tenant on a security deposit or pet damage deposit is 4.5% below the prime lending rate of the principal banker to the Province on the first day of each calendar year, compounded annually.

Since the prime lending rate has been lower than 4.5% since 2009, the interest payable on deposits has been 0%.

Here’s an overview of interest rates used for the past few decades:

Period

Interest Rate

2009 - 2017

0.00%

2008

1.50%

2007

1.50%

2006

0.50%

2002 - 2005

0.00%

2001

3.00%

2000

2.00%

1999

2.25%

1998

1.50%

1997

0.25%

1996

3.00%

1995

3.50%

1994

1.00%

1993

2.75%

1992

3.50%

1991

8.25%

1990

9.00%

1989

7.75%

Feb. 1987 - Dec. 1988

5.25%

Apr. 1983 - Jan. 1987

8.00%

Jun. 1980 - Mar. 1983

12.00%

Dec. 1974 - May 1980

8.00%

 

Note:  For deposits paid before December 1, 1974, landlords are only required to pay interest from December 1, 1974 onwards.

The content on this website is periodically reviewed and updated by the Province of British Columbia as per the date noted on each page: March 16, 2017.

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