I bought sporting tickets from an individual who owned her company in June 2012. She was not knew to me as I have bought tickets from her for the last 3 - 4 years. She went out of business at some point in 2012 and only notified me in September 2012 that she would not be able to provide me with the tickets I had purchased and that she would reimburse me the $450 CAD which I paid her on June 6, 2012. She has made numerous promises since then to pay me back. I told her that I did not care if it was $5/week, but she need to show 'good faith' to pay me back. Up to now I have received 1 payment of $25 (November 26, 2012). She made a promise as recently as January 13, 2013 that she would be making a payment of $50 on January 18, 2013 (nothing received). I have documented all dates/times.

I would like to give her the benefit of the doubt as she 'claims' she closed her business due to health issues, however at the same time, I do not want to miss my window of opportunity in which I can take her to small claims court.

Any insights would be greatly appreciated.

Thank you.

I should also mention that this agreement took place in the province of Ontario, Canada.

You can take her to small claims any time, as are other people as well if she closed her business oweing people. It is well you have a paper trail. Do you know if she filed bankruptcy?

I would take her to court, then any agreement would be agreed to in court.
Also just winning in court does not get you the money, often people win and get a judgement but never see any money. This just protects your rights to get the money.

The statute of limitations for debts of this sort in Ontario appears to be two years (http://www.ehow.com/facts_6822782_statute-limitations-ontario-debt.html).