Having reviewed the Canadian jurisprudence on the meaning of debt and indebtedness, and having reviewed the use of debt and debt-related terms in the provisions of the Act, the Court concludes that the core essential characteristics of debt generally for purposes of the Act are:
(i) an amount or credit is advanced by one party to another party;
(ii) an amount is to be paid or repaid by that other party upon demand or at some point in the future set out in the agreement in satisfaction of the other party’s obligation in respect of the advance;
(iii) the amount described in (ii) is fixed or determinable or will be ascertainable when payment is due; and
(iv) there is an implicit, stipulated, or calculable interest rate (which can include zero).
 All of these core essentials may not need to be perfectly met in particular circumstances. A weighing of the degree to which these characteristics are exhibited is appropriate and may be required in particular circumstances.
 Other evidence such as supportive or contradictory wording or intention is very much part of the overall weighing process when considering hybrid or special purpose financial instruments. A provision in respect of interest, the use of the term principal or principal amount, and/or security rankings relative to other debt liabilities will generally be indicative of a debt.
 As stated at the outset, it is possible that the meaning of debt in a particular provision of the Act may textually and contextually identify other aspects of the term for purposes of that section
Barejo Holdings ULC v. The Queen 2015 TCC 274 (Boyle)