Canada Case Law

McQueen v. Playgon Interactive Inc.

Court

Supreme Court of British Columbia

The second clause of s.5 of the Notes is unambiguous: "Subsequent Financing" means any financing completed after the Concurrent Financing that yields gross proceeds of $5,000,000 or greater to PI or PG; the May 2023 Financing met that plain meaning and therefore triggered PI's obligation to repay in full within five business days; PI did not repay and was in default; summary trial was appropriate to decide the issue.

Source excerpt

• Promissory notes
• Default
• Contract interpretation
• Summary trial
• Financing

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Iosipescu v. Kindred Living Inc.

Court

Supreme Court of Nova Scotia

The court found the motion did not constitute a true emergency and that Tariff C costs were sufficient to do justice between the parties in respect of the emergency issue; accordingly the court declined to award lump sum costs and instead awarded Tariff C statutory-style amounts: $7,000 (all inclusive) to Mr. Iosipescu and $3,000 (all inclusive) to Marc and Nick, payable forthwith by Julie and in any event of the cause.

Source excerpt

• Emergency motions (cpr 28)
• Tariff c vs lump sum costs
• Default judgment
• Lis pendens
• Promissory notes

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Sandhu v. Virk

Court

Supreme Court of British Columbia

Undefended trial over a fraudulent lending scheme ended with judgment for the plaintiff, aggravated and punitive damages, and a BIA survivability declaration.

• Civil conspiracy
• Joint tortfeasors
• Promissory notes
• Aggravated damages
• Punitive damages
• Section 178 bia declaration

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Randhawa v. Khaira

Court

Supreme Court of British Columbia

The court enforced Loans #1 and #2 for $214,000, rejected Loan #3 as unenforceable, and found the 2016 share transfer was a fraudulent conveyance.

• Loan agreements
• Promissory notes
• Express trust
• Ex turpi causa (illegality)
• Fraudulent conveyance act
• Severance of illegal provisions

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Matte v. The King

Court

Tax Court of Canada

The promissory notes were legally loans (lender‑borrower obligations); the outstanding obligation ($670,812.39) was settled by the Settlement Agreement and mutual releases on November 20, 2017; pursuant to ss.6(1)(a) and 6(15) of the Income Tax Act the forgiven amount ($245,812.39) is a taxable employment benefit that must be included in appellant's 2017 income, so the reassessment is upheld and the appeal is dismissed.

Source excerpt

• Debt forgiveness
• Taxable employment benefit
• Promissory notes
• Characterization of transactions
• Settlement agreements
• Timing of inclusion in income

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Rabbani v. Furney

Court

Court of Appeal for Ontario

The appeal is dismissed because the motion judge did not err in refusing an adjournment, and correctly granted summary judgment: the uncontradicted evidence established the Furneys owed the amounts claimed on the promissory notes and mortgage and there was no genuine issue for trial; awarding no costs against Hashemi was not an error where costs were not sought against him.

Source excerpt

• Summary judgment
• Assignment of debt
• Promissory notes
• Mortgage
• Costs
• Adjournment

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Harder v. InCor Holdings Limited

Court

Supreme Court of British Columbia

Summary trial granted on two loan claims; contempt found for non-compliance with a Mareva disclosure order, with security for good behaviour ordered.

• Promissory notes
• Mareva injunction
• Disclosure orders
• Security for good behaviour
• Summary trial procedure
• Joint and several liability

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M.P. v. P.P.

Court

Supreme Court of British Columbia

The court found a marriage-like relationship from May 1, 2017 to March 21, 2022, denied relocation to Nevada, dismissed a protection order, and ordered shared parenting, support, and equal property division.

• Relocation
• Parenting time and decision-making
• Income imputation
• Family violence
• Equalization of family property
• Promissory notes

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Active Asset Management Inc. v. The King

Court

Tax Court of Canada

The Tax Court held that deemed dividends and unpaid promissory notes did not amount to a transfer of property under s. 160, so AAM’s appeal was allowed.

• Section 160 ita
• Deemed dividends (s.84 ita)
• Assessment and reassessment
• Promissory notes
• Transfer of property
• Section-160-ita

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Blann v. Blann

Court

Supreme Court of British Columbia

The court granted summary judgment on a $2 million promissory note dispute, rejected claims that the advances were joint gifts or sham notes, and left the family proceeding to continue.

• Promissory notes
• Resulting trust
• Sham transaction
• Summary judgment suitability
• Consolidation of proceedings
• Costs

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