Keeping-Tabs-Winter-2024

Notes
1. 2002 SCC 43 [Bank of America].
2. RSO 1990, c C.43 [CJA].
3. Subsection 27(1) of the CJA defines the bank rate as “the minimum rate at which the Bank of Canada makes short-term advances to banks listed in Schedule I to
the Bank Act (Canada).”
4. Paragraph 128(4)(g) and s. 129(5) also allow a court to award interest where interest is “payable by a right other than under this section.” In exercising its discretion
under s. 130 of the CJA, a court must take into account changes in market interest rates; the circumstances of the case; whether an advance payment was made;
the circumstances of medical disclosure by the plaintiff, if applicable; the amount claimed, and the amount recovered in the proceeding; conduct of any party
tending to shorten or lengthen the proceeding unnecessarily; and any other relevant consideration.
5. The time value of money is an economic concept that that a sum of money has different values at different points in time. It recognizes that the purchasing power
of money can change over time due to factors such as inflation, interest rates, and the potential to earn a return on investment. In essence, a dollar today is considered
more valuable than a dollar in the future, and this principle is fundamental to various financial calculations and decision-making processes. Opportunity
cost refers to the benefit or value that is forgone in order to pursue a particular course of action. In economic terms, opportunity cost represents the benefits
an individual, investor, or business misses out on when choosing one alternative over another. For a more detailed discussion on these concepts and how they
relate to the calculation of prejudgment interest rates, see Hugo A. Acciarri & Nuno Garoupa, “On the Judicial Interest Rate: Towards a Law and Economic Theory”
(2013) 4:1 JETL 34.
6. Simple interest separates the original borrowed or invested amount from the interest earned or paid; compound interest, on the other hand, considers all money
equally, making it a more accurate representation of the monetary value over time. See discussion in Bank of America, supra note 1 at paras 23-24.
7. See also Major J.’s discussion re the “time-value of money” and “opportunity cost” at paras 21 and 22.
8. 2021 ONCA 594.
9. The Court of Appeal has also recognized other categories for which an award for a higher prejudgment interest can be awarded; for example, as an award of
equity where a wrongdoer deprives a company of funds that it uses in its business, and where there is a breach of fiduciary duty. See Enbridge Gas Distribution Inc.
v. Marinaccio, 2012 ONCA 650.
10. See e.g. MacDonald et al. v. BMO Trust Company et al., 2020 ONSC 93; Stolba v. Comwave, 2017 BCSC 2254 at para 128, aff’d ​2019 BCCA 120.
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