What is the test for legal setoff?

Ontario, Canada


The following excerpt is from Jones Collombin Investment Counsel Inc. v Fickel, 2016 ONSC 6536 (CanLII):

The doctrine of legal setoff is narrow in scope: (1) the monies owing must be debts which arise from mutual cross obligations; and (2) the debts must be liquidated sums or money demands which can be ascertained with certainty. Holt v. Telford, 1987 CanLII 18 (SCC), [1987] 2 S.C.R. 193.

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