Carrie Smit, "Debt Restructuring and the Falling Canadian Dollar"

Summary Under
Tax Topics - Income Tax Act - Section 80 - Subsection 80(2) - Paragraph 80(2)(k)

No automatic offset of FX loss against forgiven amount on USD debt restructuring (p. 5)

Canadian corporations undergoing debt restructurings of US...

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Summary Under
Tax Topics - Income Tax Act - Section 39 - Subsection 39(2)

If a Canadian corporate debtor, which borrowed US$100 at par, restructures its debt, at a time that the US dollar is now worth Cdn.$1.50, by...

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