Ontario Last Month's Rent Interest Calculator

An LMR interest calculator for Ontario: enter the rent deposit and the year to see the interest calculated at that year's rent increase guideline.

Common questions

Do Ontario landlords pay interest on last month's rent?

Yes. Each year the landlord must pay the tenant interest on the rent deposit, generally at the rent increase guideline in effect when the interest becomes due.

How is LMR interest calculated in Ontario?

Deposit amount × the guideline percentage for the year the interest is due. For example, a $2,000 deposit at the 2026 guideline of 2.1% earns $42.

Can the interest be used to top up the deposit?

In some cases, a landlord may apply the interest toward bringing the deposit up to the current lawful rent instead of paying it out. The right treatment depends on the deposit balance and the rent, so check current Ontario guidance.

What was the guideline in 2021?

0%. Rent was frozen for 2021, so interest calculated at the 2021 guideline is $0.