Effective April 30, 2014 and in accordance with BC Reg 74/2014, as amended by BC Reg 352/81, the prescribed discount rates are as follows: the discount rate required by Section 56(2)(a) is used in calculating the present value of future losses intended to offset or by reference to (a) determining the loss of future revenue due to a partial or total loss of earning capacity; or (b) loss of dependency under the Family Compensation Act. For all other future damages, the discount rate prescribed under § 56 (2) lit. b will be used. Pursuant to subsection 56(2) of the Law and Equity Act, RSBC 1996, c. 253, the Chief Justice of the Supreme Court of British Columbia has the power to enact provisions requiring the following: The Court Order Interest Act, R.S.B.C. 1996, c. 79 provides for the payment of interest before and after the judgment at a prescribed rate. Interest rates are adjusted twice a year: on 1 January for the period from 1 January to 30 June and on 1 July for the period from 1 July to 31 December. (a) a discount rate, which is deemed to be the future difference between the interest rate and the rate of increase in earnings due to inflation and the general increase in productivity, and (b) a discount rate, which is considered to be the future difference between the interest rate and the interest rate of general price inflation. ».
