Ontario Regulation 383/23, enacted under the Courts of Justice Act, introduces amendments to Regulation 194 of the Revised Regulations of Ontario, 1990, specifically regarding the Rules of Civil Procedure.

Key amendments include changes to interest rate calculations. The regulation revokes and substitutes specific clauses pertaining to the determination of interest rates in civil procedures. For long-term Government of Canada real return bonds (Series V80691347), the method for calculating the average real rate of interest has been updated. It will now consider the average value on the last Wednesday of each month from March 1 to August 31 in the year preceding the trial, minus half a percent and rounded to the nearest tenth of a percent. Similarly, the definition of the nominal rate has been adjusted to reflect the average value of long-term Government of Canada bonds (Series V80691331) under the same conditions. Additionally, a transitional provision ensures that previous rules apply to actions where trials commenced before January 1, 2014, maintaining continuity in legal processes.

Government of Canada real return bonds (Series V80691347) are inflation-linked bonds designed to provide investors with returns that adjust for inflation, making them an appealing option for those seeking to preserve their purchasing power over time. A key feature of these bonds is inflation protection, whereby the principal amount increases in line with inflation as measured by the Consumer Price Index (CPI). This adjustment ensures that both interest payments and the principal repayment at maturity maintain their real value. The bonds pay interest semi-annually at a fixed rate applied to the inflation-adjusted principal, allowing interest income to keep pace with inflation. Typically issued with longer maturities, real return bonds are suitable for long-term investors looking for a hedge against inflation. Backed by the Government of Canada, these bonds carry a low risk of default, making them a relatively secure investment option.

The regulation also implements significant changes to the requirements for factums submitted in court proceedings. A new certificate is now required, detailing whether an order for original records has been obtained, an estimate of the time required for oral argument, compliance with relevant rules, the word count of the factum, and a confirmation of the authenticity of authorities listed. The factum is restricted to a maximum of 9,200 words and 40 pages, with strict counting of all words, including those in citations and visual aids, unless otherwise permitted by the court. Moreover, the amendments establish that authorities published on specific government websites or platforms such as CanLII are presumed authentic, facilitating easier access to valid legal references for practitioners.

Ontario Regulation 383/23 is intended to modernize and improve the Rules of Civil Procedure. The amendments are designed to provide clearer guidelines for legal practitioners and improve the integrity and efficiency of the judicial process.

Ontario (383/23) December 30, 2023