What is the definition of “material” in the context of the disclosure rule?
Ontario, Canada
The following excerpt is from Cantar Pool Products Ltd., Re, 2006 CanLII 31914 (ON SC):
The rule expressly provides that any non-disclosure or inaccuracy must be “material” in order to invoke the rule but does not define what a “material” fact is. In Pazner v. Ontario[2], “material facts” were defined as: “those facts of which the judge hearing the motion may need to be aware in coming to his or her decision, non-disclosure of which may affect the outcome of the motion.” (at p. 134, emphasis mine )
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