Tax wiki
s. 137.2

PART I — Income Tax · DIVISION F — Special Rules Applicable in Certain Circumstances · Credit Unions, Savings and Credit Unions and Deposit Insurance Corporations

Computation of income for 1975 and subsequent years

Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31

Current text

For the purpose of computing the income of a deposit insurance corporation for the 1975 and subsequent taxation years,

(a)

property of the corporation that is a bond, debenture, mortgage, hypothecary claim, note or other similar obligation owned by it at the commencement of the corporation’s 1975 taxation year shall be valued at its cost to the corporation less the total of all amounts that, before that time, the corporation was entitled to receive as, on account or in lieu of payment of, or in satisfaction of, the principal amount of the bond, debenture, mortgage, hypothecary claim, note or other similar obligation,

(i)

plus a reasonable amount in respect of the amortization of the amount by which the principal amount of the property at the time it was acquired by the corporation exceeded its actual cost to the corporation, or

(ii)

minus a reasonable amount in respect of the amortization of the amount by which its actual cost to the corporation exceeded the principal amount of the property at the time it was acquired by the corporation;

(b)

property of the corporation that is a debt owing to the corporation (other than property described in paragraph 137.2(a) or a debt that became a bad debt before its 1975 taxation year) acquired by it before the commencement of its 1975 taxation year shall be valued at any time at the amount thereof outstanding at that time;

(c)

property of the corporation (other than property in respect of which any amount for the year has been included under paragraph (a)) that was acquired, by foreclosure or otherwise, after default made under a mortgage or hypothec shall be valued at its cost amount to the corporation; and

(d)

any other property shall be valued at its cost amount to the corporation.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since the start of the point-in-time record on 31 August 2004.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 137.2 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 137.2; 2001, c. 17, s. 217

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

No other section of the Act refers to this section, and it refers to no other section.

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 137.2.