Profit-sharing mortgage scheme violated criminal interest rate provisions; s. 347 of Criminal Code held constitutional.
The appellant entered into a mortgage agreement that included a profit-sharing scheme.
The Supreme Court of Canada upheld the Court of Appeal's decision that the scheme constituted a criminal interest rate under s. 347 of the Criminal Code.
The Court also held that s. 347 is intra vires the Parliament of Canada and does not unconstitutionally infringe on provincial jurisdiction over property and civil rights.
Artell Developments Ltd. v. 677950 Ontario Ltd., 1993 SCC 94, [1993] 2 S.C.R. 443