28 July 1995 External T.I. 9516705 - MEANING OF PERIODIC PAYMENTS -- summary under Section 60.01

"In general, a periodic payment is one of a series of at least three equivalent payments made under an arrangement that specifies the interval between payments. It is our opinion that this definition would also be applicable to paragraph 60.01(a) of the Act. We are also of the view that the payment of a lump sum in instalments would not generally constitute a series of periodic payments."

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