OMVIC Practice Test

How long is the cooling-off period in Ontario?

1. 15 days

2. 3 days

3. No statutory cooling-off period

4. 7 days

The correct answer is: No statutory cooling-off period

In Ontario, there is no statutory cooling-off period for vehicle sales, which means that once a contract is signed and the vehicle is delivered, the buyer does not have a legal right to change their mind and cancel the contract without penalty. This is an important aspect of consumer protection law in the province, especially for purchases made from a dealership, where consumers might mistakenly believe that a cooling-off period is standard practice. The absence of a cooling-off period emphasizes the need for buyers to thoroughly understand the terms of the sale and their decision before finalizing the purchase. This underlines the importance of making informed decisions in the vehicle purchasing process, as once the sale is completed, it is generally binding without the option for a turnaround period.