Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXXXXXXXX
Dear XXXXXXXXXX
This is in reply to your letter of February 1, 1993 concerning a payment to be received by you in 1993 out of XXXXXXXXXX
More particularly, you were receiving sickness benefits until XXXXXXXXXX and your application for continuance of salary disability benefits has been refused. The XXXXXXXXXX has a policy that will allow your pension benefits to be paid retroactively from XXXXXXXXXX and you therefore expect to receive in 1993 a lump sum amount representing in part the periodic pension payments that you would have received in 1992. So that you will not be taxed in 1993 on both 1992 and 1993 pension payments, you ask if you can amend your 1992 return to include in your 1992 income the portion of the lump sum amount that relates to that year.
Our Comments:
By reason of subparagraph 56(1)(a)(i) of the Income Tax Act (the "Act"), an individual is required to report as income for a particular taxation year a "superannuation or pension benefit" received in the year. There is no provision in the Act that allows a departure from such reporting; i.e., that would allow you to report in one year a portion of such a benefit received in another year. A "superannuation or pension benefit" is defined in the Act to include any amount received out of or under a superannuation or pension fund or plan.
We regret that we could not be of more assistance.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate7265-1
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1993
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1993
Email this Content