By a 5-4 majority, the Supreme Court of Canada reversed a line of Ontario cases and held that s. 7(5) of province’s Arbitration Act, 1991 does not give courts discretion to decline to enforce arbitration agreements between businesses, even when those businesses are members of a class alongside consumers under the Class Proceedings Act, 1992.
If a loan document does not comply with the provision for calculating a "nominal" annual rate of interest in order to comply with section 4 of the Interest Act, then the interest rate is capped at 5% per annum. Commercial practice and appellate jurisprudence had confirmed that such provisions complied with section 4. Section 4 states:
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