26 November 1992 T.I. 923506 (September 1993 Access Letter, p. 411, ¶C20-1161)

For farmers on the cash method, a post-dated cheque that is received on a date that a debt owing to the taxpayer is not yet payable will be brought into income on the earlier of the date the debt becomes payable and the date the cheque is negotiated. However, where a post-dated cheque is accepted as absolute payment of the debt, the amount of the cheque is considered to be income at the time it is received.

A post-dated cheque received under the Gross Revenue Insurance Program, that is accepted as security for the debt owing to the taxpayer without extinguishing the debt, is brought into income on the date that the cheque is payable. A request by the farmer to have the cheque post-dated in a subsequent year does not alter RC's views.