IFTA Annual Interest Rates

IFTA Annual Interest Rate

     

Canadian Jurisdictions Changing Canadian Interest Rate



Prior to July 1, 2013

12%

Effective Date Canadian Federal Treasury Bill Rate IFTA Annual Interest Rate
1/1/2024 5.01% 8%
1/1/2023 4.25% 7%

R1230 INTEREST

     Effective July 1, 2013, the IFTA Articles of Agreement, Section R1230.200 will provide as follows:

.200 Canadian Jurisdiction Interest Rate

"For a fleet based in a Canadian jurisdiction, interest shall accrue at a rate equal to the 1-year Canadian Federal Treasury Bill rate, as published by the Bank of Canada on the first date that a rate is published in November of the year prior to which the interest rate will apply, plus two percent rounded up to the next whole percentage point and adjusted annually. Interest shall accrue monthly at 1/12 th of this annual rate. The Repository shall notify Jurisdictions by December 1.

Interest Calculation Examples







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