ODSP Protest March and Rally – more info to come!
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Wednesday, May 15, 2019 at 10:30 AM – 2:30 PM EDT
The rally at Queen’s park to begin at 12:00 noon and go until 2:00pm. Please make placards, banners and signs. No profanity please! And don’t forget to bring a lunch.
Sincerely, Isabella Gamk
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[59] Pursuant to s. 35(3) of the SABS regulation, payments of benefits are to be made “[w]ithin 10 business days after the insurer receives the application and completed disability certificate”. Section 46(2) interest accrues on any overdue amount from the date the amount became overdue. I would therefore fix March 30, 2006 (the date that was 11 business days after March 15, 2006) as the date from which plaintiff’s IRB payments became overdue and the date from which s. 46(2) interest should accrue.
Conclusion and Disposition
[60] For these reasons, I declare as follows:
(a) for the period between February 20, 2004 and March 29, 2006, simple (i.e. non-compound) interest is to be calculated on the bi-weekly sums due to plaintiff, from the date each payment was due, at the applicable rate for pre-judgment interest under the Courts of Justice Act;
(b) starting on March 30, 2006, the total principal due as of that date and the accumulated interest calculated under (a) shall bear interest calculated pursuant to s. 46(2) of the SABS regulation;
(c) starting on March 30, 2006, the further bi-weekly sums due to plaintiff shall bear interest calculated pursuant to s. 46(2) of the SABS regulation.
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Overdue Payments
46 (1) An amount payable in respect of a benefit is overdue if the insurer fails to pay the benefit within the time required under this Part. O. Reg. 403/96, s. 46 (1).
(2) If payment of a benefit under this Regulation is overdue, the insurer shall pay interest on the overdue amount for each day the amount is overdue from the date the amount became overdue at the rate of 2 per cent per month compounded monthly. O. Reg. 403/96, s. 46 (2).
Equates to 26.8% per year