Does the Court have to consider the merits of an appeal before deciding whether to grant an extension of time for perfecting the appeal?

In Davies v. CIBC at 262, Lambert J.A. in concurring reasons held: An assessment of the merits of the appeal is relevant to a decision about whether to grant an extension of time for perfecting the appeal, and it is relevant in other cases where a request is made for an exemption from a penalty for non-compliance with the Rules. But the relevance is confined to the question of whether the appeal is bound to fail just as it is on the question of striking out an appeal as being vexatious, frivolous, or entirely without merit. If the appeal is bound to fail, then that is a good reason for refusing an extension of time. But if the appeal is not bound to fail, therefore has some bona fide arguable issue, the question of whether to grant an extension of time for perfecting the appeal should not be any further influenced by an assessment of the merits, but should instead turn on a consideration of other factors, particularly the overriding factor of an assessment of the interests of justice, as those interests effect both parties.