The question whether particular fiduciary duties are owed is not, of course, decided simply by asking whether a fiduciary relationship exists between the parties. A person may be a fiduciary for some purposes and not for others, and not all duties of a fiduciary are fiduciary duties. If one starts with the "rough and ready guide" to the existence of a fiduciary relationship that was provided by Wilson J. In Frame v. Smith, 1987 CanLII 74 (SCC), [1987] 2 S.C.R. 99, at para 60, it is necessary to examine the particular discretion or power which the supposed fiduciary possesses and could unilaterally exercise to affect the interests of persons who are peculiarly vulnerable to such exercise.
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