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At 01 March 2019, after just over one year's medical leave,
Simon's law practice will re-open. Whoo-hoo ....!
- 12 February 2019

THE LATEST WORD

(what's this?)

Interest

1. General
2. Definition

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1. General

'Interest' is the straight-forward concept of a percentage rated annual fee placed on judgment debt that we are all familiar with. Usually, but not always, it arises at the end of trials as part of add-ons to the value of a judgment, along with legal costs.

2. Definition

. Solar Power Network Inc. v. ClearFlow Energy

In 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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