15 December 1989 Income Tax Severed Letter AC59130 - Accrued Interest on a "Compound Interest" CSB Considered as a "Right or Thing"

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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.

5-9130
                                        M. Shea-DesRosiers
                                        (613) 957-8953
    19(1)

December 15, 1989

Dear Sir:

Re: Subsection 70(2) of the Income Tax Act (the "Act")

This is in reply to your letter of November 22, 1989 wherein you ask if accrued interest on a "compound interest" Canada Savings Bond ("CSB") represents a "right or thing" for purposes of subsection 70(2) of the Act.

It is our view that interest accrued on a "compound interest" CSB to the November 1 date preceding the date of death represents a "right or thing" for purposes of subsection 70(2) and (3) of the Act.

We trust the above comments will be of assistance to you.

Yours truly,

for Director Financial Industries Division Rulings Directorate

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15 December 1989 Income Tax Severed Letter AC59130 - Accrued Interest on a "Compound Interest" CSB Considered as a "Right or Thing"

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