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Order in Council 1445/2023

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Pursuant to subsections 7(2) and (3) of the Financial Administration Act , the Minister of Finance is authorized to credit from the Consolidated Revenue Fund (the “ CRF ”) in the manner specified in this Order in Council to the Public Service Supplementary Benefits Account.

Interest on the net monthly increases to the said account computed on the contributions to and outgoings from the said account in respect of the months in each fiscal year, such interest to be calculated at the rate per annum determined under paragraph 4, to reflect the length of time for which amounts included in such net increase were on deposit with the CRF during that fiscal year, is to be credited for the respective amount as of the last day of that fiscal year.

Interest on the net increases to the said account during each fiscal year, such interest to be calculated at the rate per annum for that fiscal year determined under paragraph 4 annually for each fiscal year in the period of twenty consecutive fiscal years commencing on the first day of the immediately following fiscal year, to be credited on the last day of each fiscal year during the period if such net increase remains on deposit with the CRF for the whole of the respective fiscal year.

The rate to be used to calculate interest in respect of any fiscal year under paragraphs 2 and 3 for the account shall be the rate shown in the column opposite that fiscal year in the following table. Whenever it is necessary to compute any amount of interest for a period of less than one full year, such interest shall be calculated on the basis of the actual number of days in the period and a year of 365 days:

Fiscal Year Commencing

Rate (%)

April 1, 2017

3.097

April 1, 2018

3.214

April 1, 2019

2.518

April 1, 2020

2.102

April 1, 2021

2.719

Despite paragraphs 2 and 3, no interest to the said account shall be credited after December 31, 2021.

For the purposes of this Order In Council, “fiscal year” means each 1 year period commencing on April 1 and ending on March 31 the following year, during the period of April 1, 2017 to December 31, 2021, with the period from April 1, 2021 to December 31, 2021 being a short fiscal year.

Ministry of Finance

Approved and Ordered:

September 28, 2023

Updated: October 16, 2023

Published: October 16, 2023