Release 03-01
|
 Legislation/Regulation
Operational
|
Social Housing Branch has previously issued annual Directives to inform providers of the interest rate to be used in calculating imputed income for non-income producing assets.
Section 50(9) of Ontario Regulation 298/01 states that calculations for imputed monthly income on non-income-producing assets will be based on one-twelfth of the annual interest rate payable in the first year on the most recently issued series of Canada Savings Bonds, with the annual interest rate rounded down to the nearest whole percentage.
Current Canada Savings Bond interest rate information is always available at: http://www.csb.gc.ca/eng/bonds_rates.asp
or http://www.csb.gc.ca/fr/bonds_rates.asp.
The most current information shows:
Series 78 – issue date November 1, 2002 is 2%
Series 79 - issue date December 1, 2002 is 2%
Series 80 – issue date January 1, 2003 is 2%.
As these determinations are a service manager’s responsibility, Social Housing Branch will not be issuing further notifications to service managers concerning these rates.
Toni Farley
Director
Social Housing Branch
January 2, 2003