PART I — Income Tax · DIVISION B — Computation of Income · SUBDIVISION D — Other Sources of Income

Reserve claimed for debt forgiveness

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

Current text

There shall be included in computing a taxpayer’s income for a taxation year during which the taxpayer was not a bankrupt the amount, if any, deducted under section 61.4 in computing the taxpayer’s income for the preceding taxation year.

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 56.3 links to the one before it.

Enacting and amending legislation

1995, c. 21, s. 19

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

This section refers to

s. 61.4

Referred to in

s. 61.4 s. 115

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. 56.3.