Tax wiki
s. 80.5
PART I — Income Tax · DIVISION B — Computation of Income · SUBDIVISION F — Rules Relating to Computation of Income
Deemed interest
Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31
Current text
Where a benefit is deemed by section 80.4 to have been received in a taxation year by
an individual or corporation under subsection 80.4(1), or
a person or partnership under subsection 80.4(2),
the amount of the benefit shall, for the purposes of subparagraph 8(1)(j)(i) and paragraph 20(1)(c), be deemed to be interest paid in, and payable in respect of, the year by the debtor pursuant to a legal obligation to pay interest on borrowed money.
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 80.5 links to the one before it.
Enacting and amending legislation
- 1980-81-82-83, c. 140, s. 45; 1984, c. 1, s. 36
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
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 80.5.