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I-3 - Taxation Act

Section 125.0.2
Disposition versions

Full text
125.0.2. For the purposes of this Part, where at any time in a taxation year of a taxpayer an indexed debt obligation is an obligation of the taxpayer,
(a)  an amount determined in prescribed manner is deemed to be payable in respect of the year by the taxpayer as interest in respect of the obligation; and
(b)  an amount determined in prescribed manner is deemed to be received or receivable by the taxpayer in the year as interest in respect of the obligation.
Where the taxpayer pays or credits an amount in respect of an amount determined under subparagraph a of the first paragraph in respect of an indexed debt obligation, the payment or crediting is deemed to be a payment or crediting of interest on the obligation.
1994, c. 22, s. 95.
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