Words and Phrases - "life annuity"
Scott Estate v. The Queen, 88 DTC 6012 (FCTD)
A lump sum payment in commutation of amounts owing under income-averaging annuity contracts did not constitute a payment under a "life annuity", which was defined inter alia for purposes of the 1942 Canada-U.S. Income Tax Convention as "a stated sum payable periodically at stated times during life."
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|Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition||23|