Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
943185
XXXXXXXXXX A.M. Brake
April 27, 1995
Dear XXXXXXXXXX:
This is in response to your letter of September 5, 1994 to our Charities Division which was forwarded to us for reply. You expressed concern with having to pay taxes on an extra monthly payment received in 1991 because of the payor having changed the payment date without your approval.
Paragraph 56(1)(d) of the Income Tax Act requires that any amount received by a taxpayer in the year as an annuity payment be included in computing income for that year. Neither the Income Tax Act nor this Department has any control or jurisdiction over the timing of making payments in a contract between you and another party. The Income Tax Act requires merely that it be taxed in the year it is received. However, should your T4A slips not accurately reflect the amounts received in a particular year, you may wish to discuss this matter with Mr. Wayne Humber, Assistant Director, Audit at the London Tax Services. Mr. Humber can be reached at telephone number (519) 645-4181.
We apologize for the delay in replying.
Yours truly,
R. Albert
for Director
Business and General Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1995
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© Sa Majesté la Reine du Chef du Canada, 1995
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