138(12)

IT87R2- Policyholders’ Income from Life Insurance Policies.

NO.: IT-87R2 DATE: February 15, 1996 SUBJECT: INCOME TAX ACT Policyholders Income from Life Insurance Policies REFERENCE: Section 12.2 (also subsections 12(3), 20(20), and 148(1), (2), (4), (8), (8.1) and (8.2), and the definitions of “life insurance policy” in subsection 138(12), and “adjusted cost basis” and “disposition” in subsection 148(9); and paragraphs 56(1)(d.1) and (j) of the […]

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Income Tax Folio S3-F6-C1, Interest Deductibility

Income Tax Folio S3-F6-C1, Interest Deductibility Series 3: Property, Investments, and Savings Plans Folio 6: Interest Chapter 1: Interest Deductibility Summary The purpose of this Chapter is to explain the Canada Revenue Agency’s (CRA) position on the deductibility of interest expense under paragraph 20(1)(c). The Chapter also discusses various other provisions of the Act relating to interest deductibility. An amount

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