An individual invests in a bank term deposit on July 1, 2022. When does the individual recognize

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An individual invests in a bank term deposit on July 1, 2022. When does the individual recognize the interest income for tax purposes if the investment has a term of three years, with interest compounded annually but paid only at the end of the three-year term? Would your answer be different if the taxpayer were a corporation? Explain.

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Canadian Income Taxation 2022/2023

ISBN: 9781260881202

25th Edition

Authors: William Buckwold, Joan Kitunen, Matthew Roman

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