Minister of National Revenue v. Benaby Realties Limited, 67 DTC 5275, [1967] CTC 418, [1968] S.C.R. 12 -- summary under Timing

By services, 28 November, 2015

In finding that the taxpayer realized income from land inventory in its 1955 taxation year (when an agreement was reached with the Crown fixing the amount of compensation for the expropriation of the land, and that amount was paid) rather than its 1954 taxation year (when the land was expropriated) Judson J. stated (p. 5277):

"My opinion is that the Canadian Income Tax Act requires that profits be taken into account or assessed in the year in which the amount is ascertained."

Topics and taglines
Topic
Income Tax Act - s. 9 - Timing
Tagline
profits recognized when ascertained
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
339576
Extra import data
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