If you are successful in an action you are entitled to prejudgment interest generally. This is significant as many cases takes years before they come to conclusion in the Court system. Often personal injury cases make take many years to be concluded because Plaintiff’s counsel must generally obtain a final prognosis so as to properly assess the impact of the injuries on the injury victim in terms of vocational abilities, loss of income, future costs of care, etc.
The Ontario Legislature has now proposed reducing prejudgment interest from 5% per annum to 1.3%.
It is doubtful that this proposed change will be retroactive. It is expected that it will apply only to claims being advanced from the date of the Legislation forward, although this is not certain.
Stayed tuned for further developments on this significant amendment to the recovery of interest.