I-3, r. 1 - Regulation respecting the Taxation Act

Section 851.22.4r14 Disposition versions

2012-09-01

851.22.4R14. If, before 1 November 1994 and in a taxation year that ended after 22 February 1994, a taxpayer received an amount under a specified debt obligation in satisfaction, in whole or in part, of the debtor’s obligation to pay interest in respect of a period after the taxation year,

(a)  the amount may, at the election of the taxpayer, be included in determining the taxpayer’s accrued return for the taxation year from the obligation; and

(b)  if an amount is included in determining the taxpayer’s accrued return from the obligation pursuant to paragraph a, no amount in respect of interest that, because of the payment of the amount, the debtor is no longer required to pay may be included in determining the taxpayer’s accrued returns for subsequent taxation years from the obligation.

O.C. 390-2012, s. 64.