Keeping-Tabs-Winter-2024
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Notes<br />
1. 2002 SCC 43 [Bank of America].<br />
2. RSO 1990, c C.43 [CJA].<br />
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<br />
the Bank Act (Canada).”<br />
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<br />
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;<br />
the circumstances of medical disclosure by the plaintiff, if applicable; the amount claimed, and the amount recovered in the proceeding; conduct of any party<br />
tending to shorten or lengthen the proceeding unnecessarily; and any other relevant consideration.<br />
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<br />
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<br />
more valuable than a dollar in the future, and this principle is fundamental to various financial calculations and decision-making processes. Opportunity<br />
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<br />
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<br />
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”<br />
(2013) 4:1 JETL 34.<br />
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<br />
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.<br />
7. See also Major J.’s discussion re the “time-value of money” and “opportunity cost” at paras 21 and 22.<br />
8. 2021 ONCA 594.<br />
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<br />
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.<br />
v. Marinaccio, 2012 ONCA 650.<br />
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.<br />
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