Versions of s. 90(14)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

There may be deducted in computing the income of a taxpayer for a particular taxation year the amount determined by the formula A × B/C where A is the specified amount, in respect of a loan or indebtedness, that is included under subsection (6) in computing the taxpayer’s income for a preceding taxation year, B is the portion of the loan or indebtedness that was repaid in the particular year, to the extent it is established, by subsequent events or otherwise, that the repayment was not part of a series of loans or other transactions and repayments, and C is the amount, in respect of the loan or indebtedness, that is referred to in the description of A in the definition specified amount in subsection (15).

Full text

There may be deducted in computing the income of a taxpayer for a particular taxation year the amount determined by the formula A × B/C where A is the specified amount, in respect of a loan or indebtedness, that is included under subsection (6) in computing the taxpayer’s income for a preceding taxation year, B is the portion of the loan or indebtedness that was repaid in the particular year, to the extent it is established, by subsequent events or otherwise, that the repayment was not part of a series of loans or other transactions and repayments, and C is the amount, in respect of the loan or indebtedness, that is referred to in the description of A in the definition specified amount in subsection (15).
2013-06-26 to 2017-12-14 View Source

There may be deducted in computing the income of a taxpayer for a particular taxation year the amount determined by the formula A × B/C where A is the specified amount, in respect of a loan or indebtedness, that is included under subsection (6) in computing the taxpayer’s income for a preceding taxation year, B is the portion of the loan or indebtedness that was repaid in the particular year, to the extent it is established, by subsequent events or otherwise, that the repayment was not part of a series of loans or other transactions and repayments, and C is the amount, in respect of the loan or indebtedness, that is referred to in the description of A in the definition specified amount in subsection (15).