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I-3 - Taxation Act
Section 851.22.16
Disposition versions
851.22.16. Where a taxpayer is a financial institution in a taxation year that begins after 31 October 1994, the following rules apply in respect of a specified debt obligation that is a mark-to-market property of the taxpayer for the year:
(a) paragraph c of section 87 and sections 92, 157.6 and 167 do not apply to the obligation in computing the taxpayer’s income for the year; and
(b) there shall be included in computing the taxpayer’s income for the year an amount received by the taxpayer in the year as, on account of, in lieu of payment of, or in satisfaction of, interest on the obligation, to the extent that the amount was not included in computing the taxpayer’s income for a preceding taxation year.
For the purposes of subparagraph b of the first paragraph, where the taxpayer is deemed by section 851.22.15 or paragraph b of section 851.22.23 to have disposed of the obligation in a preceding taxation year, no part of an amount included in computing the taxpayer’s income for the preceding taxation year because of the disposition shall be in respect of interest on the obligation.
