• Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • Emergency Shelter Info
  • 2023 Rent Increase
  • Moratorium
Office of the Director of Residential Rental Property

Residential Rental Property

Office of the Director of Residential Rental Property

  • Are you a Tenant?
    • FAQs For Tenants
    • Entering a Rental Agreement
    • Eviction Process for Tenants
    • Preparing for a Hearing
    • Evidence Information Sheet
    • Abandoned Personal Property
    • Pests
  • Are you a Landlord?
    • FAQs For Landlords
    • Entering a Rental Agreement
    • Eviction Process for Landlords
    • Preparing for a Hearing
    • Evidence Information Sheet
    • Abandoned Personal Property
    • Pests
  • Rental Law & Helpful Information
  • Forms
  • FAQs
  • Security Deposits
    • Frequently Asked Questions
    • Interest Rate Calculator
  • Rent Increases
    • Rent Increases
    • Greater Than Allowable
  • Appeals
  • Hearings
    • Storm Closures
    • Hearing Preparations
    • COVID
  • Stats

Security Deposits Interest Rates

Interest Rates on Security Deposits

The rate of interest on security deposits is prescribed by Subsection 10(3) of the Rental of Residential Property Act, which reads as follows:

Rate of interest

10.(3)  The lessor shall credit interest to the lessee on the full amount or value of the security deposit

(a)    at the rate of six per cent per annum before April 20, 1981;
(b)    from April 20, 1981 until the effective date, at the rate of ten per cent per annum;
(c)    from the effective date until the end of the calendar year 1988, at the rate of interest payable on provincial deposit receipts on the effective date, less two per cent;
(d)    for each year thereafter, at the rate of interest payable on provincial deposit receipts on the first business day of each year, less two per cent, during the time the security deposit is held by the lessor.

Actual Interest Payable on Security Deposits Table

YearAllowable Interest Rate
20232.5%
20220%
20210.25%
20201%
20191%
20181.25%
20171%
20161%
20151%
20141%
20131%
20121%
20111%
20100%
20090%
20081.50%
20071.50%
20061.00%
20051.00%
20041.25%
20031.50%
20021.50%
20013.25%
20003.00%
19992.25%
19982.25%
19972.0%
19963.50%
19955.00%
19942.75%
19935.00%
19925.50%
19918.75%
19908.0%
19897.75%
1981-198810.0%

Footer

Office of the Director of Residential Rental Property

National Bank Tower
5th Floor, Suite 501
134 Kent Street
P.O. Box 577
Charlottetown, PE C1A 7L1

 Contact

askrental@peirentaloffice.ca
Tel 902-892-3501
PEI toll-free 1-800-501-6268
Fax 902-566-4076

Copyright © 2023 · Website by TechnoMedia · Log in