BCH Actuarial Services can perform calculations and provide a certified report to determine if a loan resulted in a criminal rate of interest being charged or received per the Criminal Code of Canada. An effective annual interest rate exceeding 60% per annum is a criminal rate of interest under the Criminal Code of Canada.
The calculation of the effective rate of interest for the purpose of determining a criminal rate of interest under the Criminal Code of Canada must be performed by a Fellow of the Canadian Institute of Actuaries.
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