Is It Time For A Limitations Audit

The new BC Limitation Act came into force on June 1, 2013. One of the significant changes was to reduce the basic limitation period for most claims to two years from the date the claim was discovered. As a result, claims discovered on or after June 1, 2013 will become statute-barred in the very immediate future.

While it is always a good idea to take inventory of potential claims and the limitation periods that will apply to them, the two-year anniversary of the new Limitations Act can be a springboard for an organization to conduct a limitations audit.

Things to keep in mind:

• The Limitation Act is a default statute: there are limitation periods applying to specific types of claims contained in other provincial and federal statutes.