As we previously reported in April 2023 in our blog, It s Official Proposed Criminal Interest Rate Amendments Introduced, the Government of Canada is proposing to lower the current criminal rate of interest to 35 percent. At the time, the Government indicated certain loans would be exempt from this lower rate. On December 23, 2023, the long-awaited exemptions were announced but were limited to certain commercial loans, pawn loans and payday loans. Importantly for many of our clients, a new exclusion from the criminal interest provisions for commercial loans over $500,000 will accompany the new lower criminal interest rate, if the proposed legislation is passed in its current form.