Is there a limitation period between 1998 and 2004?

The defendants submit that the limitation period commenced on November 3, 1998 and expired on November 3, 2004. They say this on the basis that the claim was “discovered” under Hare v. Hare, supra on the date that the loan was made under subsection 24(5) paragraph 2.

The plaintiffs respond that Hare v. Hare, supra, does not apply because of the 2008 amendments to section 5 of the Limitations Act, 2002, which were retroactive to January 1, 2004. Section 5 had previously provided: Discovery 5. (1) A claim is discovered on the earlier of, (a) the day on which the person with the claim first knew, (i) that the injury, loss or damage had occurred, (ii) that the injury, loss or damage was caused by or contributed to by an act or omission, (iii) that the act or omission was that of the person against whom the claim is made, and (iv) that, having regard to the nature of the injury, loss or damage, a proceeding would be an appropriate means to seek to remedy it; and (b) the day on which a reasonable person with the abilities and in the circumstances of the person with the claim first ought to have known of the matters referred to in clause (a). Presumption (2) A person with a claim shall be presumed to have known of the matters referred to in clause (1) (a) on the day the act or omission on which the claim is based took place, unless the contrary is proved.