On April 1st, 2010, the Supreme Court of Canada granted leave to appeal to I-Trade Finance Inc. v. Bank of Montreal. In a nutshell, financing was obtained from an innocent party through fraudulent means. These assets were then used to obtain credit from a second innocent party. After the fraud was discovered, there were insufficient assets to [...]

The only surprising thing about the recent Supreme Court of Canada decision in Quebec (Revenue) v. Caisse populaire Desjardins de Montmagny, 2009 SCC 49, is that the Quebec Superior Court at first instance found in favour of the Crown in all three cases from which the appeals arose. The issue in C.P. Desjardins de Montmagny [...]

It is trite to say that the banking industry and the insurance industry have been staples of the Canadian economy for over a century. One would assume that by now Canadian law would be clear on where the regulation of these industries falls in the constitutional division of powers. Banking, after all, has been expressly [...]