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BUSINESS CLASSIFIEDTO PLACE AN AD CALL: 1-866-999-9237 EMAIL: ADVERTISING@GLOBEANDMAIL.COM

COMMERCIAL REAL ESTATE

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FOR MORE INFORMATION,PLEASE CONTACT:

CRAIG SMITH*Executive Vice President416 359 2471

Craig.smith@cushwake.com cushmanwakefield.com

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240 DUNCAN MILL ROAD

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• 18,490 sf of new-build stratifiedcommercial space on 3rd floor

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FOR SALEInvestment and Development OpportunitiesToronto, ON

For further information, please contact:

*Sales Representative CBRE Limited, Brokerage

• Opportunity to Revitalize 0.8 Acres of Core Land• Strategically Located between Chinatown, the EntertainmentDistrict, and the Financial District

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www.cbre.ca

BEVERLEYSTREE T

TO R O N TO, O N TA R I O

Peter D. Senst*peter.senst@cbre.com416 815 2355

Casey T. Gallagher*casey.gallagher@cbre.com416 815 2398

Arlin Markowitz*arlin.markowitz@cbre.com416 815 2374

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Alex Edmison*���:/��'���1����/�'416 847 7266

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ST. WFOR SALE

Oshawa, ON• Oshawa, fastest growing economy in Canada• 5.77 acre corner site with well-constructed andmaintained buildings• Large suites and attractive suite mix• Immediate potential to add 4 suites• Tremendous opportunity for net income growth• Bid submission date to be announced by advisor

Michael Betsalel* Earl Kufner*+1 647 728 0477 +1 647 728 0463*Sales Representative JLL.camichael.betsalel@am.jll.com earl.kufner@am.jll.com

Senior VP Senior VP

264 Suites on a 5.77 Acre SiteCedar - Wentworth Apartments

Richm

ondStr

eet

Fanshawe Park Road

1.5KM

WESTERNUNIVERSITY

FOR SALE

London, ON

• Hylands Centre totals 151,325 SF and is 95.7%leased to an all-national tenant roster• Located in North London’s dominant retailnode, across from CF Masonville Place andjust 1.5km fromWestern University• ���� ���������� ������� ����� ���� ����� ��residential and mixed-use developments

Matthew Smith*

Nick Macoritto*

+1 416 304 6004

+1 416 238 5874

*Sales Representative JLL.ca/NRIG

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Executive Vice President

Associate Vice President

Dominant Centre Near Western UniversityHylands Centre

FOR SALE

Chatham, ON• Situated on 6.4 acres, Nortown Centre iscomprised of 71,423 SF and is 97% leased.• Located in the heart of Chatham’s centralretail node with premium streetfront visibility,multiple access points and ample parking.• Anchored by a successful Food Basics with astrong roster of national tenancies.

Matthew Smith*

Nick Macoritto*

+1 416 304 6004

+1 416 238 5874*Sales Representative JLL.ca/NRIG

matthewt.smith@am.jll.com

nick.macoritto@am.jll.com

Executive Vice President

Associate Vice President

Grocery Anchored Retail AssetNortown Centre

JLL Real Estate Services, Inc.www.jll.ca

CBRE Limited, Real Estate Brokerage

*Sales Representative

Tony Gill*Senior Vice Presidenttony.gill@cbre.com416 495 6261

Brad Walford*Associate Vice Presidentbrad.walford@cbre.com416 495 6241

For further information please contact:

• Excellent corporate branding opportunity• Current zoning allows for additional 140,000 sq. ft.• Large floor plates with centre core skylight and atrium• Located on busy public transit route with direct

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FOR SALE

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COURT APPOINTEDRECEIVERSHIP SALE

1450DON MILLS ROADTORONTO, ON

For more information, please contact:

Jamie Ziegel*

Managing Director416 308 5606jamie.ziegel@tdsecurities.com

Bernard Ockrant**

Director416 982 6189bernard.ockrant@tdsecurities.com

This advertisement is placed by TD Cornerstone Commercial Realty Inc., registered real estate brokerage. TD Securities is a trade-mark of The Toronto-DominionBank and represents TD Securities Inc., TD Securities (USA) LLC, TD Securities Ltd. and certain investment banking activities of The Toronto-Dominion Bank.*Broker of Record **Sales Representative

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LEGALS

Court File No. CV-18-591486-00CLONTARIO, SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)

IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDEDAND IN THE MATTER OF CHARMING CHARLIE HOLDINGS INC., CHARMING CHARLIE CANADA LLC,CHARMING CHARLIE INTERNATIONAL LLC, CHARMING CHARLIE LLC, POSEIDON PARTNERS CMS,

INC., CHARMING CHARLIE MANHATTAN LLC, AND CHARMING CHARLIE USA, INC.APPLICATION UNDER SECTION 46 OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT,

R.S.C. 1985, c. C-36, AS AMENDEDNOTICE OF RECOGNITION ORDERS

PLEASE BE ADVISED that this Notice is being published pursuant to an Order of the Ontario Superior Court of Justice (CommercialList) (the“Canadian Court”), granted on February 5, 2018.

PLEASE TAKE NOTICE that, on December 11, 2017 (the “Petition Date”), Charming Charlie Holdings Inc., Charming Charlie CanadaLLC, Charming Charlie International LLC, Charming Charlie LLC, Charming Charlie Manhattan LLC, Charming Charlie USA, Inc.and PoseidonPartners CMS, Inc. (collectively, the “Chapter 11 Debtors”) filed voluntary petitions (the “Chapter 11 Proceedings”) for protectionunder chapter 11 of title 11 of the United States Code (the“Bankruptcy Code”) with the United States Bankruptcy Court for the Districtof Delaware (the “US Court”). In connection with the Chapter 11 Proceedings, Charming Charlie Holdings Inc. has been appointed asthe foreign representative (in such capacity, the “Foreign Representative”). The Foreign Representative’s head office is located at6001 Savoy Drive, Houston, Texas 77036. The Chapter 11 Debtors operate in Canada through Charming Charlie Canada LLC, a Delawarecorporation, through four retail stores located in the following shopping centers: Vaughan Mills (Vaughan, ON), Bramalea City Centre(Brampton, ON), Guildford Town Centre (Surrey, BC), and Uptown Centre (Victoria, BC).

PLEASE TAKE FURTHER NOTICE that an Initial Recognition Order and a Supplemental Order (together, the “Recognition Orders”)have been issued by the Canadian Court pursuant to Part IV of the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, that, amongother things: (i) recognize the Chapter 11 Proceedings as a“foreign main proceeding”; (ii) recognize Charming Charlie Holdings Inc.as theForeign Representative of the Chapter 11 Debtors; and (iii) recognize certain final orders of the US Court.

PLEASE TAKE FURTHER NOTICE THAT all persons (except government entities), including individuals, partnerships, estates, andtrusts who have a claim or potential claim against the Chapter 11 Debtors that arose before the Petition Date, MUST FILE A PROOF OFCLAIM on or before February 19, 2018, at 5:00 p.m., prevailing Eastern Time (the “General Bar Date”). Government entities who havea claim or potential claim against the Chapter 11 Debtors that arose before the Petition Date, MUST FILE A PROOF OF CLAIM on or beforeJune 9, 2018, at 5:00 p.m., prevailing Eastern Time (the“Governmental Bar Date”). All Proofs of Claim must be filed in accordance withthe procedures set out in the final bar date order granted by the US court on January 10, 2018.

PLEASE TAKE FURTHER NOTICE that counsel to the Chapter 11 Debtors and the Foreign Representative are:U.S. counsel: KIRKLAND & ELLIS LLP, 601 Lexington Avenue, New York, NY 10022, United States of America, Attention: Joshua A.Sussberg, P.C. / Aparna Yenamandra / Rebecca Blake Chaikin, Tel: 1 (212) 446-4829/ 1 (212) 446-4903/ 1 (212) 446-6449, Fax: 1 (212)446-4900, Email: jsussberg@kirkland.com / aparna.yenamandra@kirkland.com / rebecca.chaikin@kirkland.com;

Canadian counsel: THORNTON GROUT FINNIGAN LLP, 100 Wellington Street West, Suite 3200, Toronto, Ontario M5K 1K7, Canada,Attention: D. J. Miller, Tel: (416) 304-1616, Fax: (416) 304-1313, Email: djmiller@tgf.ca

PLEASE TAKE FURTHER NOTICE that persons who wish to receive a copy of the Recognition Orders or obtain any further informationin respect thereof or in respect of the matters set forth in this Notice, should contact by email the following counsel:

THORNTON GROUT FINNIGAN LLP, 100 Wellington Street West, Suite 3200,Toronto, Ontario M5K 1K7, Attention: Rachel Bengino / AsimIqbal,Tel: (416) 304-1616, Fax: (416) 304-1313, Email: rbengino@tgf.ca / aiqbal@tgf.ca

PLEASE FINALLY NOTE that the Recognition Orders, and any other orders that may be granted by the Canadian Court or the US Courtmay be viewed at the following website maintained by Rust Consulting/Omni Bankruptcy: www.omnimgt.com/sblite/charmingcharlie.

DATED AT TORONTO, ONTARIO this 5th day of February, 2018.

RARE OFFICEINVESTMENTOPPORTUNITY

• Located near the future LRT Station

• Adjacent to one of Toronto’s largestdevelopments

• Property allows for Place ofWorshipand Schools

*Sales Representative | CBRE Limited, Real Estate Brokerage

Graeme McDonald*Senior Vice PresidentT 416 495 6270graeme.mcdonald@cbre.com

Tony Gill*Senior Vice PresidentT 416 495 6261tony.gill@cbre.com

For further information, please contact:

TO SUBSCRIBE 1-866-999-9237 | TGAM.CA/SUBSCRIBE

Report on Business

To learn how, please visit

tgam.ca/securedrop

WE’RE SERIOUS ABOUTPROTECTING OUR SOURCES.

B20 G THE GLOBE AND MAIL | THURSDAY, FEBRUARY 8, 2018Case 17-12906-CSS Doc 441 Filed 02/14/18 Page 4 of 5

LEGALS

Did you purchase polyether polyols, MDI, TDI orpolyether polyol systems in Canada between 1999 and 2004?

The settlement is subject to court approval. As part of the settlement approval hearing,the court will be asked to approve the proposed method for distributing all of the settlement

funds recovered in all settlements in the litigation (totalling $13.3 million).

For more information about the settlement and the proposed distribution of all of the settlement funds,as well as your options in relation to the settlement, and deadlines for acting:

• visit www.siskinds.com/polyether-polyols/• email polyetherpolyols@siskinds.com• call 1-800-461-6166 x 2455

You are represented by Siskinds LLP.

Court File No. CV-18-591486-00CLONTARIO, SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)

IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDEDAND IN THE MATTER OF CHARMING CHARLIE HOLDINGS INC., CHARMING CHARLIE CANADA LLC,CHARMING CHARLIE INTERNATIONAL LLC, CHARMING CHARLIE LLC, POSEIDON PARTNERS CMS,

INC., CHARMING CHARLIE MANHATTAN LLC, AND CHARMING CHARLIE USA, INC.APPLICATION UNDER SECTION 46 OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT,

R.S.C. 1985, c. C-36, AS AMENDEDNOTICE OF RECOGNITION ORDERS

PLEASE BE ADVISED that this Notice is being published pursuant to an Order of the Ontario Superior Court of Justice (CommercialList) (the“Canadian Court”), granted on February 5, 2018.

PLEASE TAKE NOTICE that, on December 11, 2017 (the “Petition Date”), Charming Charlie Holdings Inc., Charming Charlie CanadaLLC, Charming Charlie International LLC, Charming Charlie LLC, Charming Charlie Manhattan LLC, Charming Charlie USA, Inc.and PoseidonPartners CMS, Inc. (collectively, the “Chapter 11 Debtors”) filed voluntary petitions (the “Chapter 11 Proceedings”) for protectionunder chapter 11 of title 11 of the United States Code (the“Bankruptcy Code”) with the United States Bankruptcy Court for the Districtof Delaware (the “US Court”). In connection with the Chapter 11 Proceedings, Charming Charlie Holdings Inc. has been appointed asthe foreign representative (in such capacity, the “Foreign Representative”). The Foreign Representative’s head office is located at6001 Savoy Drive, Houston, Texas 77036. The Chapter 11 Debtors operate in Canada through Charming Charlie Canada LLC, a Delawarecorporation, through four retail stores located in the following shopping centers: Vaughan Mills (Vaughan, ON), Bramalea City Centre(Brampton, ON), Guildford Town Centre (Surrey, BC), and Uptown Centre (Victoria, BC).

PLEASE TAKE FURTHER NOTICE that an Initial Recognition Order and a Supplemental Order (together, the “Recognition Orders”)have been issued by the Canadian Court pursuant to Part IV of the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, that, amongother things: (i) recognize the Chapter 11 Proceedings as a“foreign main proceeding”; (ii) recognize Charming Charlie Holdings Inc.as theForeign Representative of the Chapter 11 Debtors; and (iii) recognize certain final orders of the US Court.

PLEASE TAKE FURTHER NOTICE THAT all persons (except government entities), including individuals, partnerships, estates, andtrusts who have a claim or potential claim against the Chapter 11 Debtors that arose before the Petition Date, MUST FILE A PROOF OFCLAIM on or before February 19, 2018, at 5:00 p.m., prevailing Eastern Time (the “General Bar Date”). Government entities who havea claim or potential claim against the Chapter 11 Debtors that arose before the Petition Date, MUST FILE A PROOF OF CLAIM on or beforeJune 9, 2018, at 5:00 p.m., prevailing Eastern Time (the“Governmental Bar Date”). All Proofs of Claim must be filed in accordance withthe procedures set out in the final bar date order granted by the US court on January 10, 2018.

PLEASE TAKE FURTHER NOTICE that counsel to the Chapter 11 Debtors and the Foreign Representative are:U.S. counsel: KIRKLAND & ELLIS LLP, 601 Lexington Avenue, New York, NY 10022, United States of America, Attention: Joshua A.Sussberg, P.C. / Aparna Yenamandra / Rebecca Blake Chaikin, Tel: 1 (212) 446-4829/ 1 (212) 446-4903/ 1 (212) 446-6449, Fax: 1 (212)446-4900, Email: jsussberg@kirkland.com / aparna.yenamandra@kirkland.com / rebecca.chaikin@kirkland.com;

Canadian counsel: THORNTON GROUT FINNIGAN LLP, 100 Wellington Street West, Suite 3200, Toronto, Ontario M5K 1K7, Canada,Attention: D. J. Miller, Tel: (416) 304-1616, Fax: (416) 304-1313, Email: djmiller@tgf.ca

PLEASE TAKE FURTHER NOTICE that persons who wish to receive a copy of the Recognition Orders or obtain any further informationin respect thereof or in respect of the matters set forth in this Notice, should contact by email the following counsel:

THORNTON GROUT FINNIGAN LLP, 100 Wellington Street West, Suite 3200,Toronto, Ontario M5K 1K7, Attention: Rachel Bengino / AsimIqbal,Tel: (416) 304-1616, Fax: (416) 304-1313, Email: rbengino@tgf.ca / aiqbal@tgf.ca

PLEASE FINALLY NOTE that the Recognition Orders, and any other orders that may be granted by the Canadian Court or the US Courtmay be viewed at the following website maintained by Rust Consulting/Omni Bankruptcy: www.omnimgt.com/sblite/charmingcharlie.

DATED AT TORONTO, ONTARIO this 5th day of February, 2018.

TO SUBSCRIBE, CALL 1-800-387-5400 | TGAM.CA/SUBSCRIBEReport on Business

TUESDAY, FEBRUARY 13, 2018 | THE GLOBE AND MAIL G B7REPORT ON BUSINESS |

Suncor Energy Inc. continued toconsolidate its interest in Syn-crude Canada Ltd.’s oil sandsmining operations on Thursday,announcing it would buy the5-per-cent stake owned since1991 by Mocal Energy Ltd., a sub-sidiary of Japan-based conglom-erate Mitsubishi Corp.

The purchase price of $920-million is slightly less than the$937-million Calgary-based Sun-cor paid for American MurphyOil’s 5-per-cent Syncrude stake inApril, 2016.

It bought Canadian Oil SandsLtd. and its 37-per-cent stake inSyncrude for $6.6-billion in Feb-ruary, 2016.

The Mocal agreement leavesthe Syncrude consortium withjust four partners. CanadiansSuncor and Imperial Oil Ltd.hold 58.74 per cent and 25 percent, respectively, while Chinese-owned Sinopec Oil Sands Part-nership and Nexen Oil SandsPartnership have 9.03 per centand 7.23 per cent.

Syncrude, which convertsheavy sticky bitumen fromopen-pit mines into a syntheticcrude which fetches prices simi-lar to U.S. benchmark West Texasintermediate, has long beendogged with reliability issues.

“This transaction reflects ourconfidence in the long-termfuture of the oil sands and thehigh quality and value of theSyncrude asset, adding 17,500barrels per day of high qualitylight sweet synthetic crude ca-pacity to our portfolio,” Suncorchief executive Steve Williamssaid in a statement.

Analysts say they expect Sun-cor to use its greater ownershipto continue to push through in-tegration and synergies withneighbouring Suncor oil sandsoperations near Fort McMurray,in northern Alberta.

“In our view, this is a no brain-er,” Barclays analyst Paul Chengsaid in a report.

“Suncor already owns 54 percent of Syncrude and has alsobeen increasingly deployingtheir own personnel in the jointventure.

“This acquisition will not in-crease Suncor’s cost base, butwill allow the company to fur-ther leverage the benefit of anyfuture improvements at Syn-crude.”

Suncor also announced it hadacquired a 17.5-per-cent interestin the Fenja Development in theNorwegian Sea, about 30 kilo-metres southwest of the Statoil-operated Njord field, from FaroePetroleum for roughly $68-mil-lion.

The Fenja field was discoveredin 2014 and is expected to be de-veloped via a subsea tie-back tothe Statoil-operated Njord plat-form.

Production is planned to startin 2021 and Suncor’s share of go-forward capital is estimated to be$280-million. Partners in the de-velopment are the operator VNGNorge, Point Resources, Suncorand Faroe Petroleum.

THE CANAD IAN PRESS

SUNCOR (SU)CLOSE: $42.06, DOWN 32¢

Suncor toboost stake inSyncrude with$920-millionpurchase

CALGARY

At the age of 92, Mr. Jarislowsky –the chairman emeritus knownfor his sharp tongue and cru-sades to improve corporate gov-ernance as well as a keen mindfor investing – intends to stayinvolved. “If you don’t work, youdie,” he said in a recent interviewwith management magazineGestion. But Mr. Jarislowsky hasbeen “thinking about the future,”said president Pierre Lapointe,and the firm has entered an“inflection period” when it needsnew ways to grow. “You reach apoint where you’ve got to partnerup with somebody with deeppockets that’s got distributionchannels, not only nationally,locally, but also internationally.”

Mr. Jarislowsky could not bereached for comment.

Jarislowsky Fraser has hadsome struggles. The firm under-went a major managementshakeup in late 2012, after presi-dent Len Racioppo and vice-pres-ident Marc Trottier left to starttheir own firm. At the time, thefirm’s assets under managementhad fallen from about $60-billionto $37-billion. But since then, afour-person executive commit-tee led by Mr. Lapointe has stead-ied its fortunes and it is growingagain.

Scotiabank will pay the pur-chase price mostly by issuingnew shares. Jarislowsky Fraser’spartners – who unanimouslyapproved the deal – can earn an-other $56-million in stock if thefirm meets performance targetsand executives have been givenincentive to stay. After the dealcloses, which is expected in thebank’s third fiscal quarter, Scotia-bank plans to offset dilutionfrom issuing shares by buyingback a similar number.

Canaccord Genuity Group Inc.analyst Scott Chan thinks thedeal “comes at a fair price basedon past transactions.” Ratingsagency Moody’s Corp. deemed it“credit positive.”

Scotiabank has been seekingto grow its wealth-managementbusiness for years. Its last majoracquisition in the field was Dun-deeWealth Inc. in 2011, for $2.3-billion. But asset managers withrobust institutional client listsare hard to come by, with knowl-edge, relationships and brandsthat are more easily bought thanbuilt.

“When you look at the successthat Jarislowsky Fraser has hadover the 62 years, that’s certainlynot something that you can dovery quickly,” Mr. Gowland said.

At a recent Scotiabank inves-tor day, Canadian banking headJames O’Sullivan said he wantswealth management to generate15 per cent or more of the bank’stotal earnings, compared with 12per cent now. “We will continueto invest in the wealth business,”he told investors. “Our currentbusiness mix, as you know, is pri-marily in Canada with a retailfocus.”

Of more than $100-billionmanaged through its 1832 AssetManagement L.P. subsidiary,nearly 80 per cent is made up ofretail funds. By contrast, Scotia-bank’s business catering to insti-tutional and ultra-high-net-worth clients has lagged. “Wereally didn’t have a robust offer-ing there,” Mr. Gowland said.

Scotiabank isn’t expected tospend much energy cutting costsat Jarislowsky. Instead, its aimwill be to cross-sell productsthrough Scotiabank’s branchesand commercial relationships.

“This is definitely a revenuegrowth play,” Mr. Gowland said.

ScotiaFROM B1

Payday loans were a growing factor in per-sonal insolvencies in Ontario for the sixthconsecutive year in 2017, despite recentprovincial regulatory changes to curb bor-rowing rates and improve disclosures bylenders.

A review of 3,500 insolvency cases byinsolvency trustee firm Hoyes Michalosfound 31 per cent of people who madeinsolvency filings in 2017 had payday loansas part of their debt load, up from 27 percent in 2016 and 12 per cent in 2011.

Douglas Hoyes, insolvency trustee atHoyes Michalos, said recent regulatorychanges for payday loans have not prompt-ed people to borrow less and may be spur-ring more borrowing as interest ratesdecline because people canafford to carry larger loans.

Among recent changes,the Ontario governmentreduced the maximumamount lenders can chargefor a payday loan to $18 forevery $100 borrowed from$21 for each $100 on Jan. 1,2017. The rate was furtherreduced to $15 as of Jan. 1,2018. The change came afterconsumer advocates com-plained that repeat borrow-ers were paying interest ratesequivalent to 540 per cent onan annual basis, contributingto crippling debt spirals.

“I’m not faulting thegovernment, but how does human naturework? I don’t think lowering the interestrate has made people borrow less – that’snot how supply and demand works,” Mr.Hoyes said. “I’m not convinced these newchanges will actually do what’s intended.”

The province is making further changeson July 1, which will require lenders toadvertise the annualized interest rate forloans in addition to the cost per $100 bor-rowed, and will cap loans to not more than50 per cent of a borrower’s prior month’snet income. Lenders will also have to offeran extended payment plan to people whotake out three loans within a 63-day period.

Mr. Hoyes said his insolvency clientshave an average monthly net income ofalmost $2,600, which means their maxi-mum borrowing limit under the new rule

would be about $1,300, which is higherthan the average individual loan they arecurrently taking out of $1,095.

“I worry that you go into the payday loanplace and they say the maximum you canborrow is $1,300, and people say, ‘Okay,give me $1,300, then. Why only take$1,000?’ ” he said. “I’m not saying it willhappen, but it certainly would be an unin-tended consequence.”

The study found insolvent borrowerstook out fewer but larger payday loans in2017, with the number of loans outstand-ing at the time of insolvency falling to 3.2 in2017 from a peak of 3.5 in 2014, but the aver-age individual loan size climbing to $1,095in 2017 from $974 in 2016.

In total, insolvent borrowers owed anaverage of $3,464 from all their paydayloans, or $1.34 for every dollar of theirmonthly take-home pay. They also owedan average of $29,997 in other unsecureddebts. Mr. Hoyes said many clients he seesare using payday loans to keep up with oth-er debt payments, including bank debt andlines of credit.

“That’s what’s so scary –the amount they owe ontheir payday loans is morethan a month’s income, soit’s impossible to use theirnext pay cheque to pay themoff,” he said.

The review also foundthat middle-income andhigh-income earners aremore likely to take out pay-day loans, more likely tohave multiple payday loans,and borrow more on aver-age.

Borrowers between theages of 18 and 29 were themost likely group to turn topayday lenders, with payday

loans outstanding in 45 per cent of insol-vency cases in that age category. Averagepayday loans represented 117 per cent oftheir monthly income.

People older than 60 were least likely tohave payday loans, but had the largestamount outstanding when they did usethem, averaging $4,377 owed at the time ofthe insolvency filing. That equalled 176 percent of their average monthly income.

Mr. Hoyes said payday lenders should berequired to provide borrowers with infor-mation on all debt-management options,and should not be allowed to offer “teaser”introductory rates that encourage exces-sive borrowing. They should also report allloans to credit reporting agencies, he said,so that other lenders know the borrowerhas outstanding payday loans.

According to one expert, recent regulatory changes may be spurring Ontarians to borrow more as interest rates decline. DOUG IVES/THE CANADIAN PRESS

Ontario insolvencies seerising use of payday loans

Report finds 31% of cases hadthe loans as part of their debtload, up from 27% in 2016

JANET McFARLAND

I don’t thinklowering the

interest rate hasmade peopleborrow less –that’s not how

supply anddemand works.

DOUGLAS HOYESINSOLVENCY TRUSTEE AT HOYES MICHALOS

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