Broker's fee paid by mortgagors is not interest and does not create a criminal interest rate.
The appellant appealed a decision of the British Columbia Court of Appeal regarding whether a broker's fee paid by mortgagors constituted interest.
The Supreme Court of Canada dismissed the appeal, adopting the reasons of the Court of Appeal that the broker's fee was not interest and the resulting interest rate was not criminal.
Helo Enterprises Ltd. v. Standard Trust Co. (Liquidators of), 1996 SCC 257
