Isaac
C.J.:
—
This
is
an
appeal
from
a
judgment
of
the
Tax
Court
of
Canada,
dated
16
April,
1996,
dismissing
the
appellant’s
appeal
from
reassessments
made
under
the
Income
Tax
Act
(the
“Act”)
for
the
taxation
years
ending
31
December,
1989,
1990
and
1991.
The
appeal
is
brought
on
two
grounds;
first,
whether
the
Tax
Court
Judge
erred
in
concluding
that
deferred
interest
provided
for
in
certain
debentures
was
not
payable
in
respect
of
the
years
under
appeal
as
found
in
paragraph
20(1
)(c)
of
the
Act
because
the
appellant
was
not
required
under
the
debentures
to
pay
the
deferred
interest
until
the
happening
of
future
events
which
might
or
might
not
occur;
secondly,
whether
the
Tax
Court
Judge
erred
in
concluding
that
the
deferred
interest
was
a
contingent
liability
in
respect
of
each
of
these
years
within
the
meaning
of
paragraph
18(l)(e)
of
the
Act.
After
hearing
argument
from
counsel
for
the
parties
we
are
all
of
the
view
that
the
Trial
Judge
was
right
in
his
conclusion
on
each
issue
for
the
reasons
that
he
gave.
The
appeal
will
therefore
be
dismissed
with
costs.
Appeal
dismissed.
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