Cases
Nellis v. The Queen, 86 DTC 6377, [1986] 2 CTC 216 (FCTD)
A resolution of a corporation acknowledging its debt to its shareholder was not a document given in satisfaction of the payment of the debt. "[I]t...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 15 - Subsection 15(2) | 33 |
Western Union Insurance Co. v. The Queen, 83 DTC 5388, [1983] CTC 363 (FCTD)
Where a bonus on a loan was earned by the lender over the term of the loan, it could not be said with respect to the time at which the loan...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Payment & Receipt | sending of cheque to sender's lawyers | 24 |
| Tax Topics - Income Tax Act - Section 9 - Interest Income | 89 |
The Queen v. Immobiliare Canada Ltd., 77 DTC 5332, [1977] CTC 481 (FCTD)
A Canadian subsidiary ("Place Victoria") of a non-resident corporation ("SGI") decided with the consent of SGI to postpone the payment of interest...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 212 - Subsection 212(1) | sale of bond with accrued interest did not satisfy interest | 178 |
| Tax Topics - Income Tax Act - Section 212 - Subsection 212(1) - Paragraph 212(1)(b) | sale proceeds allocable to expectancy of interest were not interest receipt | 198 |
| Tax Topics - Income Tax Act - Section 246 - Subsection 246(1) | elimination of Part XIII tax was a s. 246(1) benefit | 91 |
Lloyd Estate v. MNR, 63 DTC 1349 (Ex Ct), briefly aff'd 65 DTC 5031 (SCC)
The taxpayer acquired a mortgage at a discount, and later foreclosed on the mortgage and sold the foreclosed mortgage for a purchase price which...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(c) | bonuses or discounts not interest where market interest coupons | 239 |
| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Debt/ receivables | 113 | |
| Tax Topics - Income Tax Act - Section 9 - Computation of Profit | 176 | |
| Tax Topics - Income Tax Act - Section 9 - Nature of Income | 160 |
MNR v. Burns, 58 DTC 1028, [1958] CTC 51 (Ex Ct), briefly aff'd 59 DTC 1328 (SCC)
Vendor takes-back mortgages received by a builder were not governed by s. 24(1) of the pre-1972 Act because the principal amounts of the second...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(b) | 102 | |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Amount | 102 | |
| Tax Topics - Income Tax Act - Section 76 - Subsection 76(1) | 133 |
Administrative Policy
16 July 1992 T.I. 921140 (January - February 1993 Access Letter, p. 14, ¶C20-1137)
A cash-basis farmer will have to include the amount of a promissory note, due and payable 30 days after demand, received on the sale of inventory...
6 March 1990 T.I. (August 1990 Access Letter, ¶1368)
S.76 does not apply in a situation where a corporation sells inventory for a purchase price due in three years' time, then assigns the amount...
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|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(n) | 48 |
ATR-6 (22 Jan. 86)
On a restructuring of a corporation in financial difficulty ("Y Ltd.") which owes to X Ltd. a trade receivable which was included in X Ltd.'s...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(i) | 128 |
Subsection 76(1) - Security in satisfaction of income debt
Cases
MNR v. Burns, 58 DTC 1028, [1958] CTC 51 (Ex Ct), briefly aff'd 59 DTC 1328 (SCC)
The taxpayer, when it sold cottages it had constructed, usually accepted second mortgages from the purchasers which it would subsequently sell at...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(b) | 102 | |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Amount | 102 | |
| Tax Topics - Income Tax Act - Section 76 | 37 |
Administrative Policy
16 July 1996 External T.I. 9622405 - POST-DATED CHEQUES
S.76(1) would apply to post-dated cheques received by a cash-basis farmer in payment of grain, with the result that the amount in question would...
92 C.R. - Q.41
While s. 76 places cash basis taxpayers on an accrual basis with respect to income debts, its application could also involve accrual basis...