Freeway Properties Inc. v The Queen, 85 DTC 5183, [1985] 1 CTC 222 (FCTD) -- summary under Paragraph 12(1)(c)

A mortgage with a term of July 1979 to December 31, 1984 provided that the present value of the interest which would have accrued over the balance of the term of the mortgage was due and payable in three equal instalments ending on March 31, 1980. Since the taxpayer mortgagee had the right to receive in 1980 the whole of the interest, that interest was "receivable" by it in the year, and was included in its 1980 income.