Canada Safeway Ltd. V. Minister of National Revenue, 57 DTC 1239, [1957] CTC 335, [1957] S.C.R. 717 -- summary under Financing Expenditures

By services, 28 November, 2015

Rand J. stated (p. 1244):

"It is important to remember that in the absence of an express statutory allowance, interest payable on capital indebtedness is not deductible as an income expense. If a company has not the money capital to commence business, why should it be allowed to deduct the interest on borrowed money?"

Topics and taglines
Topic
Income Tax Act - s. 18(1)(b) - Capital Expenditure v. Expense - Financing Expenditures
Tagline
interest expense generally on capital account
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Drupal 7 entity type
Node
Drupal 7 entity ID
335503
Extra import data
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