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Simon Shields, LLB

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Interest

Solar Power Network Inc. v. ClearFlow Energy (Ont CA, 2018)

In this case the Court of Appeal sets out the definition of interest:
[33] Solar Power does not challenge the legal test used by the application judge, at para. 20:

1. Interest is the return or consideration or compensation for the use or retention of money that is owed to another person;

2. interest must relate to a principal amount or an obligation to pay money; and,

3. interest must accrue over time: Saskatchewan (Attorney General) v. Canada (Attorney General), 1947 CanLII 32 (SCC), 1947 S.C.R. 394 at para. 47; Ontario (Attorney General) v. Barfried Enterprises Inc., 1963 CanLII 15 (SCC), [1963] S.C.R. 570, 42 D.L.R. (2d) 137 at para. 5.

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