Banner Pharmacaps NRO Ltd. v. The Queen, 2003 DTC 245, 2003 TCC 82, aff'd 2003 FCA 367, 2003 DTC 5642 -- summary under Timing

By services, 28 November, 2015

A dividend was income to the taxpayer in the year the dividend was declared in light of the "underlying assumption in the Income Tax Act that income from business or property will be determined by the accrual method of accounting". Mogan T.C.J. stated (at p. 253) that:

"I question whether any corporation is permitted to adopt the cash method of accounting if it is part of a corporate group having transactions with one or more other corporations in the group which carry on an active business."

Note
aff'd on other grounds 2003 FCA 367, 2003 DTC 5642
Topics and taglines
Topic
Income Tax Act - s. 9 - Timing
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
339617
Extra import data
{
"field_legacy_header": "<strong><em>Banner Pharmacaps NRO Ltd. v. The Queen</em></strong>, 2003 DTC 245, 2003 TCC 82, affirmed on other grounds 2003 FCA 367, 2003 DTC 5642",
"field_override_history": true,
"field_sid": "",
"field_topic_category": "seealso"
}