What is the appropriate test for a stay pending appeal?

It is not disputed that the appropriate test for the granting of a stay pending appeal is a three-stage test, based on RJR-MacDonald v. Canada (Attorney General), 1994 CanLII 117 (SCC), [1994] 1 S.C.R. 311. At the first stage, the judge must consider whether the appeal has any merit. If it does, the court will consider whether the appellant might suffer irreparable harm if a stay was refused. Finally, the court must apply a balance of convenience test, determining whether the inconvenience suffered by the appellant in the absence of a stay would exceed the inconvenience to the respondent if a stay were granted.