What is the quantum of interest that accrues from each individual advance of a loan?
Ontario, Canada
The following excerpt is from Summit Glen Waterloo/2000 Developments Inc. (Re), 2016 ONCA 405 (CanLII):
Interest compensates for the use or retention by one person of a sum of money belonging to another which accrues day by day: see Garland v. Consumers’ Gas Co., 1998 CanLII 766 (SCC), [1998] 3 S.C.R. 112, at para. 27. It follows that in the absence of evidence to the contrary, interest should accrue from the date of each individual advance, not from the date of the last advance.
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