“Issue #4 — the value of Mr. Butty’s liabilities was overstated by approximately $23,500 because the full debt of $151,000 to his mother was shown as outstanding. We query whether the difference is of a sufficient magnitude in the circumstances of this case to meet the statutory requirement that it is a failure to disclose a “significant” asset or debt. Having said that, again, we are not persuaded that it amounts to a failure to disclose. Ms. Butty was aware of the debt and of Mr. Butty’s obligation to repay the loan amount. If not aware of the precise amounts that had been paid, Ms. Butty’s first lawyer knew that Mr. Butty was making regular payments and the debt was being reduced.
Accordingly, this case is very different from LeVan v. LeVan (2008), 2008 ONCA 388 (CanLII), 90 O.R. (3d) 1, [2008] O.J. No. 1905, 2008 CarswellOnt 2738 (C.A.), in which this court recently affirmed a trial judge’s exercise of discretion pursuant to s. 56(4) of the Act. In LeVan, the following factors led to the exercise of that discretion [at para. 35]:
(1) The husband failed to disclose his income tax returns and the value of his significant assets. (2) The wife did not receive effective independent legal advice and some advice provided was wrong. (3) The wife did not understand the nature and consequence of the marriage contract. (4) The husband misrepresented the nature and terms of the marriage contract to the wife. (5) The husband’s failure to disclose his entire assets to his wife was deliberate. [page240] (6) The husband interfered with the wife’s receipt of legal assistance from her first lawyer.