Interest Income

Cases

Western Union Insurance Co. v. The Queen, 83 DTC 5388, [1983] CTC 363 (FCTD)

In 1976 the taxpayer general insurance company received the full amount due to it under a mortgage loan of $1,125,000 made by it in 1974,...

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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 76 46

The Queen v. Roynat Ltd., 81 DTC 5072, [1981] CTC 93 (FCTD)

An amount which when paid might not constitute an interest expense to the payor because it was paid pursuant to a contract of suretyship or...

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See Also

Doulis v. The Queen, 2014 DTC 1054 [at 2933], 2014 TCC 26 (Informal Procedure)

Lamarre J dismissed the taxpayer's arguments that he should be able to deduct interest on tax arrears as a business expense. Such deductions were...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(t) tax arrears interest is not a business expense 86
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) tax arrears interest is not a business expense 86

Ditchfield v. Sharp, [1983] BTC 360 (C.A.)

On February 26, 1970 the taxpayers purchased a non-interest bearing note that was guaranteed as to 75% of its principal amount by the Rothschilds....

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Administrative Policy

91 C.R. - Q.53

Review of IT-114 has been deferred pending the outcome of the Department of Finance study on the interest deduction.

87 C.R. - Q.51

IT-114 is currently under review.