b'CURRENT BASIC AND ULTIMATE LIMITATION PERIODSIN MANITOBA AND NEIGHBOURING SELECTED PROVINCESProvince Year of Reform Basic Limitation Ultimate Limitation Period (Years) Period (Years)British Columbia 2013 2 15Alberta 1999 2 10Ontario 2002 2 15Saskatchewan 2005 2 15Manitoba 1931 2/6/10 30New Brunswick 2012 2 15Nova Scotia 2014 2 15As to all provincessubject to different definitions, exclusions and special considerations, such as when the clock starts on the limitation periodthese are based on generic and general interpretations. In Manitoba, the basic limitation period will depend upon the basis of the cause of action. Speaking generally, the basic limitation period for claims arising out of a tort, such as negligence, are two years after the cause of action arises, and claims arising out of a contract are six years after the cause of action arises. The limitation period relating to a claim under the mortgage and claims relating to ownership of land is 10 years after the cause of action arises. However, there are numerous sub-categories of specific types of claims and applicable basic limitation periods.Reprinted with permission from Engineers Geoscientists Manitobas The Keystone Professional, Summer 2020 issue.WE ARE MORE THAN SmarterBUILDERS. Business BankingGreat rates. Trusted advice.A financial partner who works with you.We are construction partners who are passionate about what we do and about creating successful outcomes for our clients, which lead to our mutual success.www.scu.mb.ca/businessTOGETHER WE BUILD SUCCESS. Issue 3 Fall Edition 2020 BUILD MANITOBA 31'