Published: March 17, 2020
Last Updated: April 16, 2020
In Gifford v The Queen 2004 SCC 15 the Supreme Court of Canada ruled that in circumstances where interest is not a payment “on account of capital”, it may be deducted as long as it meets the other requirements for deductibility set out in the Canadian Income Tax Act and the deduction is not precluded by some other section of the Act.
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