Category Archives: Bankruptcy & Insolvency
Section 4 of the Interest Act or: When 2 x 12 = 5
It is not uncommon to see invoices or purchase orders that provide for interest on overdue accounts at a rate of 2 per cent per month with nothing written about the rate of interest per year. The assumption being that anyone with a basic facility with arithmetic understands that this means that interest is payable
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Unintended Consequences: Schnier v. Canada (Attorney General), 2016 ONCA 5
On January 6, 2016, the Ontario Court of Appeal released its decision in Schnier v. Canada (Attorney General), addressing the question of whether a bankrupt’s personal income tax debt under appeal constitutes “personal income tax debt” as that phrase is used in the Bankruptcy and Insolvency Act (“BIA”).
Does the Court’s decision create a situation where personal income tax debt