Damage component of the cause of action is not to be equated with the plaintiff’s ultimate financial loss

Andison v. Katz, 2012 MBCA 107 makes clear that a cause of action arises in negligent misrepresentation when the representation is acted on. This does not mean discoverability is met but rather the cause is complete:

27               Thus, it is clear that the damage component of the cause of action is not to be equated with the plaintiff's ultimate financial loss and also that the damage occurs when the would-be plaintiff acts on the negligent advice, rather than when the actual financial loss occurs.  (See also Central Trust Co. v. Rafuse,1986 CanLII 29 (SCC), [1986] 2 S.C.R. 147 at 217-20, and the decision of Monnin J.A., for the majority, in Sentinel Self-Storage Corp. v. Dyregrov et al.,2003 MBCA 136 (CanLII), 2003 MBCA 136 at para. 19, 180 Man.R. (2d) 85.)