Income Tax Act

Marginal note:Income inclusions

• 12 (1) There shall be included in computing the income of a taxpayer for a taxation year as income from a business or property such of the following amounts as are applicable

  • Marginal note:Services, etc., to be rendered

    (a) any amount received by the taxpayer in the year in the course of a business

    • (i) that is on account of services not rendered or goods not delivered before the end of the year or that, for any other reason, may be regarded as not having been earned in the year or a previous year, or

    • (ii) under an arrangement or understanding that it is repayable in whole or in part on the return or resale to the taxpayer of articles in or by means of which goods were delivered to a customer;

  • Marginal note:Amounts receivable

    (b) any amount receivable by the taxpayer in respect of property sold or services rendered in the course of a business in the year, notwithstanding that the amount or any part thereof is not due until a subsequent year, unless the method adopted by the taxpayer for computing income from the business and accepted for the purpose of this Part does not require the taxpayer to include any amount receivable in computing the taxpayer’s income for a taxation year unless it has been received in the year, and for the purposes of this paragraph, an amount shall be deemed to have become receivable in respect of services rendered in the course of a business on the day that is the earlier of

    • (i) the day on which the account in respect of the services was rendered, and

    • (ii) the day on which the account in respect of those services would have been rendered had there been no undue delay in rendering the account in respect of the services;

  • Marginal note:Interest

    (c) subject to subsections (3) and (4.1), any amount received or receivable by the taxpayer in the year (depending on the method regularly followed by the taxpayer in computing the taxpayer’s income) as, on account of, in lieu of payment of or in satisfaction of, interest to the extent that the interest was not included in computing the taxpayer’s income for a preceding taxation year;

  • Marginal note:Reserve for doubtful debts

    (d) any amount deducted under paragraph 20(1)(l) as a reserve in computing the taxpayer’s income for the immediately preceding taxation year;

  • Marginal note:Reserve for guarantees, etc.

    (d.1) any amount deducted under paragraph 20(1)(l.1) as a reserve in computing the taxpayer’s income for the immediately preceding taxation year;

  • Marginal note:Reserves for certain goods and services, etc.

    (e) any amount

    • (i) deducted under paragraph 20(1)(m) (including any amount substituted by virtue of subsection 20(6) for any amount deducted under that paragraph), paragraph 20(1)(m.1) or subsection 20(7), or

    • (ii) deducted under paragraph 20(1)(n),

    in computing the taxpayer’s income from a business for the immediately preceding year;

  • Marginal note:Negative reserves

    (e.1) where the taxpayer is an insurer, the amount prescribed in respect of the insurer for the year;

  • Marginal note:Insurance proceeds expended

    (f) such part of any amount payable to the taxpayer as compensation for damage to, or under a policy of insurance in respect of damage to, property that is depreciable property of the taxpayer as has been expended by the taxpayer

    • (i) within the year, and

    • (ii) within a reasonable time after the damage,

    on repairing the damage;

  • Marginal note:Payments based on production or use

    (g) any amount received by the taxpayer in the year that was dependent on the use of or production from property whether or not that amount was an instalment of the sale price of the property, except that an instalment of the sale price of agricultural land is not included by virtue of this paragraph;

  • Marginal note:Proceeds of disposition of right to receive production

    (g.1) any proceeds of disposition to which subsection 18.1(6) applies;

  • Marginal note:Previous reserve for quadrennial survey

    (h) any amount deducted as a reserve under paragraph 20(1)(o) in computing the taxpayer’s income for the immediately preceding year;

  • Marginal note:Bad debts recovered

    (i) any amount, other than an amount referred to in paragraph 12(1)(i.1), received in the year on account of a debt or a loan or lending asset in respect of which a deduction for bad debts or uncollectable loans or lending assets was made in computing the taxpayer’s income for a preceding taxation year;

  • Marginal note:Bad debts recovered

    (i.1) where an amount is received in the year on account of a debt in respect of which a deduction for bad debts was made under subsection 20(4.2) in computing the taxpayer’s income for a preceding taxation year, the amount determined by the formula

    A × B/C

    where

    A

    is 1/2 of the amount so received,

    B

    is the amount that was deducted under subsection 20(4.2) in respect of the debt, and

    C

    is the total of the amount that was so deducted under subsection 20(4.2) and the amount that was deemed by that subsection or subsection 20(4.3) to be an allowable capital loss in respect of the debt;

  • Marginal note:Dividends from resident corporations

    (j) any amount of a dividend in respect of a share of the capital stock of a corporation resident in Canada that is required by subdivision h to be included in computing the taxpayer’s income for the year;

  • Marginal note:Foreign corporations, trusts and investment entities

    (k) any amount required by subdivision i to be included in computing the taxpayer’s income for the year;

  • Marginal note:Partnership income

    (l) any amount that is, by virtue of subdivision j, income of the taxpayer for the year from a business or property;

  • Marginal note:Partnership — interest deduction add back

    (l.1) the total of all amounts, each of which is the amount, if any, determined in respect of a partnership by the formula

    A × B/C – D

    where

    A

    is the total of all amounts each of which is an amount of interest that is

    • (i) deductible by the partnership, and

    • (ii) paid by the partnership in, or payable by the partnership in respect of, the taxation year of the taxpayer (depending on the method regularly followed by the taxpayer in computing the taxpayer’s income) on a debt amount included in the taxpayer’s outstanding debts to specified non-residents (as defined in subsection 18(5)),

    B

    is the amount determined under paragraph 18(4)(a) in respect of the taxpayer for the year,

    C

    is the amount determined under paragraph 18(4)(b) in respect of the taxpayer for the year, and

    D

    is the total of all amounts each of which is an amount included under subsection 91(1) in computing the income of the taxpayer for the year or a subsequent taxation year, or of the partnership for a fiscal period, that may reasonably be considered to be in respect of interest described in A;

  • Marginal note:Benefits from trusts

    (m) any amount required by subdivision k or subsection 132.1(1) to be included in computing the taxpayer’s income for the year, except

    • (i) any amount deemed by that subdivision to be a taxable capital gain of the taxpayer, and

    • (ii) any amount paid or payable to the taxpayer out of or under an RCA trust (within the meaning assigned by subsection 207.5(1));

  • Marginal note:Employees profit sharing plan

    (n) any amount received by the taxpayer in the year out of or under

    • (i) an employees profit sharing plan, or

    • (ii) an employee trust

    established for the benefit of employees of the taxpayer or of a person with whom the taxpayer does not deal at arm’s length;

  • Marginal note:Employee benefit plan

    (n.1) the amount, if any, by which the total of amounts received by the taxpayer in the year out of or under an employee benefit plan to which the taxpayer has contributed as an employer (other than amounts included in the income of the taxpayer by virtue of paragraph 12(1)(m)) exceeds the amount, if any, by which the total of all amounts

    • (i) so contributed by the taxpayer to the plan, or

    • (ii) included in computing the taxpayer’s income for any preceding taxation year by virtue of this paragraph

    exceeds the total of all amounts

    • (iii) deducted by the taxpayer in respect of the taxpayer’s contributions to the plan in computing the taxpayer’s income for the year or any preceding taxation year, or

    • (iv) received by the taxpayer out of or under the plan in any preceding taxation year (other than an amount included in the taxpayer’s income by virtue of paragraph 12(1)(m));

  • Marginal note:Forfeited salary deferral amounts

    (n.2) where deferred amounts under a salary deferral arrangement in respect of another person have been deducted under paragraph 20(1)(oo) in computing the taxpayer’s income for preceding taxation years, any amount in respect of the deferred amounts that was deductible under paragraph 8(1)(o) in computing the income of the person for a taxation year ending in the year;

  • Marginal note:Retirement compensation arrangement

    (n.3) the total of all amounts received by the taxpayer in the year in the course of a business out of or under a retirement compensation arrangement to which the taxpayer, another person who carried on a business that was acquired by the taxpayer, or any person with whom the taxpayer or that other person does not deal at arm’s length, has contributed an amount that was deductible under paragraph 20(1)(r) in computing the contributor’s income for a taxation year;

  • (o) [Repealed, 2003, c. 28, s. 1(2)]

  • Marginal note:Foreign oil and gas production taxes

    (o.1) the total of all amounts, each of which is the taxpayer’s production tax amount for a foreign oil and gas business of the taxpayer for the year, within the meaning assigned by subsection 126(7);

  • Marginal note:Certain payments to farmers

    (p) any amount received by the taxpayer in the year as a stabilization payment, or as a refund of a levy, under the Western Grain Stabilization Act or as a payment, or a refund of a premium, in respect of the gross revenue insurance program established under the Farm Income Protection Act;

  • Marginal note:Employment tax deduction

    (q) any amount deducted under subsection 127(13) or (14) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, by the taxpayer for the year;

  • Marginal note:Inventory adjustment

    (r) the total of all amounts each of which, in respect of a property described in the taxpayer’s inventory at the end of the year and valued at its cost amount to the taxpayer for the purposes of computing the taxpayer’s income for the year, is an allowance in respect of depreciation, obsolescence or depletion included in that cost amount;

  • (s) [Repealed, 2013, c. 34, s. 173]

  • Marginal note:Investment tax credit

    (t) the amount deducted under subsection 127(5) or 127(6) in respect of a property acquired or an expenditure made in a preceding taxation year in computing the taxpayer’s tax payable for a preceding taxation year to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year under this paragraph or is not included in an amount determined under paragraph 13(7.1)(e) or 37(1)(e), subparagraph 53(2)(c)(vi) or 53(2)(h)(ii) or for I in the definition undepreciated capital cost in subsection 13(21) or L in the definition cumulative Canadian exploration expense in subsection 66.1(6);

  • Marginal note:Home insulation or energy conversion grants

    (u) the amount of any grant received by the taxpayer in the year under a prescribed program of the Government of Canada relating to home insulation or energy conversion in respect of a property used by the taxpayer principally for the purpose of gaining or producing income from a business or property;

  • Marginal note:Research and development deductions

    (v) the amount, if any, by which the total of amounts determined at the end of the year in respect of the taxpayer under paragraphs 37(1)(d) to 37(1)(h) exceeds the total of amounts determined at the end of the year in respect of the taxpayer under paragraphs 37(1)(a) to 37(1)(c.1);

  • Marginal note:S. 80.4(1) benefit

    (w) where the taxpayer is a corporation that carried on a personal services business at any time in the year or a preceding taxation year, the amount deemed by subsection 80.4(1) to be a benefit received by it in the year from carrying on a personal services business;

  • Marginal note:Inducement, reimbursement, etc.

    (x) any particular amount (other than a prescribed amount) received by the taxpayer in the year, in the course of earning income from a business or property, from

    • (i) a person or partnership (in this paragraph referred to as the “payer”) who pays the particular amount

      • (A) in the course of earning income from a business or property,

      • (B) in order to achieve a benefit or advantage for the payer or for persons with whom the payer does not deal at arm’s length, or

      • (C) in circumstances where it is reasonable to conclude that the payer would not have paid the amount but for the receipt by the payer of amounts from a payer, government, municipality or public authority described in this subparagraph or in subparagraph (ii), or

    • (ii) a government, municipality or other public authority,

    where the particular amount can reasonably be considered to have been received

    • (iii) as an inducement, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of inducement, or

    • (iv) as a refund, reimbursement, contribution or allowance or as assistance, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of assistance, in respect of

      • (A) an amount included in, or deducted as, the cost of property, or

      • (B) an outlay or expense,

    to the extent that the particular amount

    • (v) was not otherwise included in computing the taxpayer’s income, or deducted in computing, for the purposes of this Act, any balance of undeducted outlays, expenses or other amounts, for the year or a preceding taxation year,

    • (v.1) is not an amount received by the taxpayer in respect of a restrictive covenant, as defined by subsection 56.4(1), that was included, under subsection 56.4(2), in computing the income of a person related to the taxpayer,

    • (vi) except as provided by subsection 127(11.1), 127(11.5) or 127(11.6), does not reduce, for the purpose of an assessment made or that may be made under this Act, the cost or capital cost of the property or the amount of the outlay or expense, as the case may be,

    • (vii) does not reduce, under subsection 12(2.2) or 13(7.4) or paragraph 53(2)(s), the cost or capital cost of the property or the amount of the outlay or expense, as the case may be, and

    • (viii) may not reasonably be considered to be a payment made in respect of the acquisition by the payer or the public authority of an interest in the taxpayer, an interest in, or for civil law a right in, the taxpayer’s business or an interest in, or for civil law a real right in, the taxpayer’s property;

  • Marginal note:Fuel tax rebates

    (x.1) the total of all amounts each of which is

    • (i) a fuel tax rebate received in the year by the taxpayer under subsection 68.4(3) of the Excise Tax Act, or

    • (ii) the amount determined by the formula

      10(A - B) - C

      where

      A

      is the total of all fuel tax rebates under subsections 68.4(2) and (3.1) of that Act received in the year by the taxpayer,

      B

      is the total of all amounts, in respect of fuel tax rebates under section 68.4 of that Act received in the year by the taxpayer, repaid by the taxpayer under subsection 68.4(7) of that Act, and

      C

      is the total of all amounts, in respect of fuel tax rebates under section 68.4 of that Act received in the year, deducted under subsection 111(10) in computing the taxpayer’s non-capital losses for other taxation years;

  • Marginal note:Crown charge rebates

    (x.2) the total of all amounts each of which is an amount that

    • (i) was received by the taxpayer, including by way of a deduction from tax, in the year as a refund, reimbursement, contribution or allowance, in respect of an amount that was at any time receivable, directly or indirectly in any manner whatever, by Her Majesty in right of Canada or of a province in respect of

      • (A) the acquisition, development or ownership of a Canadian resource property, or

      • (B) the production in Canada from a mineral resource, a natural accumulation of petroleum or natural gas, or an oil or a gas well, and

    • (ii) was not otherwise included in computing the taxpayer’s income for the year or a preceding taxation year;

  • Marginal note:Automobile provided to partner

    (y) where the taxpayer is an individual who is a member of a partnership or an employee of a member of a partnership and the partnership makes an automobile available in the year to the taxpayer or to a person related to the taxpayer, the amounts that would be included by reason of paragraph 6(1)(e) in the income of the taxpayer for the year if the taxpayer were employed by the partnership;

  • Marginal note:Amateur athlete trust payments

    (z) any amount in respect of an amateur athlete trust required by section 143.1 to be included in computing the taxpayer’s income for the year;

  • Marginal note:Qualifying environmental trusts

    (z.1) the total of all amounts received by the taxpayer in the year as a beneficiary under a qualifying environmental trust, whether or not the amounts are included because of subsection 107.3(1) in computing the taxpayer’s income for any taxation year;

  • Marginal note:Dispositions of interests in qualifying environmental trusts

    (z.2) the total of all amounts each of which is the consideration received by the taxpayer in the year for the disposition to another person or partnership of all or part of the taxpayer’s interest as a beneficiary under a qualifying environmental trust, other than consideration that is the assumption of a reclamation obligation in respect of the trust;

  • Marginal note:Debt forgiveness

    (z.3) any amount required because of subsection 80(13) or 80(17) to be included in computing the taxpayer’s income for the year;

  • Marginal note:Eligible funeral arrangements

    (z.4) any amount required because of subsection 148.1(3) to be included in computing the taxpayer’s income for the year;

  • Marginal note:TFSA amounts

    (z.5) any amount required by subsection 146.2(9) or section 207.061 to be included in computing the taxpayer’s income for the year;

  • Marginal note:Refunds

    (z.6) any amount received by the taxpayer in the year in respect of a refund of an amount that was deducted under paragraph 20(1)(vv) in computing income for any taxation year; and

  • Marginal note:Derivative forward agreement

    (z.7) the total of all amounts each of which is

    • (i) if the taxpayer acquires a property under a derivative forward agreement in the year, the amount by which the fair market value of the property at the time it is acquired by the taxpayer exceeds the cost to the taxpayer of the property, or

    • (ii) if the taxpayer disposes of a property under a derivative forward agreement in the year, the amount by which the proceeds of disposition (within the meaning assigned by subdivision c) of the property exceeds the fair market value of the property at the time the agreement is entered into by the taxpayer.

• Marginal note:Interpretation

  (2) Paragraphs 12(1)(a) and 12(1)(b) are enacted for greater certainty and shall not be construed as implying that any amount not referred to in those paragraphs is not to be included in computing income from a business for a taxation year whether it is received or receivable in the year or not.

• Marginal note:No deferral of section 9 income under paragraph (1)(g)

  (2.01) Paragraph (1)(g) does not defer the inclusion in income of any amount that would, if this section were read without reference to that paragraph, be included in computing the taxpayer’s income in accordance with section 9.

• Marginal note:Source of income

  (2.02) For the purposes of this Act, if an amount is included in computing the income of a taxpayer for a taxation year because of paragraph (1)(l.1) and the amount is in respect of interest that is deductible by a partnership in computing its income from a particular source or from sources in a particular place, the amount is deemed to be from the particular source or from sources in the particular place, as the case may be.

• Marginal note:Receipt of inducement, reimbursement, etc.

  (2.1) For the purposes of paragraph 12(1)(x), where at a particular time a taxpayer who is a beneficiary of a trust or a member of a partnership has received an amount as an inducement, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of inducement, in respect of the activities of the trust or partnership, or as a reimbursement, contribution, allowance or as assistance, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of assistance, in respect of the cost of property or in respect of an expense of the trust or partnership, the amount shall be deemed to have been received at that time by the trust or partnership, as the case may be, as such an inducement, reimbursement, contribution, allowance or assistance.

• Marginal note:Deemed outlay or expense

  (2.2) Where

  • (a) in a taxation year a taxpayer receives an amount that would, but for this subsection, be included under paragraph 12(1)(x) in computing the taxpayer’s income for the year in respect of an outlay or expense (other than an outlay or expense in respect of the cost of property of the taxpayer) made or incurred by the taxpayer before the end of the following taxation year, and

  • (b) the taxpayer elects under this subsection on or before the day on or before which the taxpayer’s return of income under this Part for the year is required to be filed, or would be required to be filed if tax under this Part were payable by the taxpayer for the year or, where the outlay or expense is made or incurred in the following taxation year, for that following year,

  the amount of the outlay or expense shall be deemed for the purpose of computing the taxpayer’s income, other than for the purposes of this subsection and paragraphs 12(1)(x) and 20(1)(hh), to have always been the amount, if any, by which

  • (c) the amount of the outlay or expense

  exceeds

  • (d) the lesser of the amount elected by the taxpayer under this subsection and the amount so received by the taxpayer,

  and, notwithstanding subsections 152(4) to 152(5), such assessment or reassessment of the taxpayer’s tax, interest and penalties under this Act for any taxation year shall be made as is necessary to give effect to the election.

• Marginal note:Interest income

  (3) Subject to subsection 12(4.1), in computing the income for a taxation year of a corporation, partnership, unit trust or any trust of which a corporation or a partnership is a beneficiary, there shall be included any interest on a debt obligation (other than interest in respect of an income bond, an income debenture, a small business bond, a small business development bond, a net income stabilization account or an indexed debt obligation) that accrues to it to the end of the year, or becomes receivable or is received by it before the end of the year, to the extent that the interest was not included in computing its income for a preceding taxation year.

• Marginal note:Interest from investment contract

  (4) Subject to subsection (4.1), if in a taxation year a taxpayer (other than a taxpayer to whom subsection (3) applies) holds an interest in, or for civil law a right in, an investment contract on any anniversary day of the contract, there shall be included in computing the taxpayer’s income for the year the interest that accrued to the taxpayer to the end of that day with respect to the investment contract, to the extent that the interest was not otherwise included in computing the taxpayer’s income for the year or any preceding taxation year.

• Marginal note:Impaired debt obligations

  (4.1) Paragraph 12(1)(c) and subsections 12(3) and 12(4) do not apply to a taxpayer in respect of a debt obligation for the part of a taxation year throughout which the obligation is impaired where an amount in respect of the obligation is deductible because of subparagraph 20(1)(l)(ii) in computing the taxpayer’s income for the year.

• Marginal note:Deemed accrual

  (9) For the purposes of subsections (3), (4) and (11) and 20(14) and (21), if a taxpayer acquires an interest in, or for civil law a right in, a prescribed debt obligation, an amount determined in prescribed manner is deemed to accrue to the taxpayer as interest on the obligation in each taxation year during which the taxpayer holds the interest or the right in the obligation.

• Marginal note:Exclusion of proceeds of disposition

  (9.1) If a taxpayer disposes of an interest in, or for civil law a right in, a debt obligation that is a debt obligation in respect of which the proportion of the payments of principal to which the taxpayer is entitled is not equal to the proportion of the payments of interest to which the taxpayer is entitled, the portion of the proceeds of disposition received by the taxpayer that can reasonably be considered to represent a recovery of the cost to the taxpayer of the interest or the right in the debt obligation shall, notwithstanding any other provision of this Act, not be included in computing the taxpayer’s income, and for the purpose of this subsection, a debt obligation includes, for greater certainty, all of the issuer’s obligations to pay principal and interest under that obligation.

• Marginal note:Income from R.H.O.S.P

  (10.1) Notwithstanding any other provision of this Act, where an individual was at the end of 1985 a beneficiary under a registered home ownership savings plan (within the meanings assigned by paragraphs 146.2(1)(a) and (h) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, as they read in their application to the 1985 taxation year), that portion of the income that can reasonably be considered to have accrued under the plan before 1986 (other than the portion thereof that can reasonably be considered to be attributable to amounts contributed after May 22, 1985 to or under the plan) shall not be included in computing the income of the individual or of any other person.

• Marginal note:NISA receipts

  (10.2) There shall be included in computing a taxpayer’s income for a taxation year from a property the total of all amounts each of which is the amount determined by the formula

  A - B

  where

  A

  is an amount paid at a particular time in the year out of the taxpayer’s NISA Fund No. 2; and

  B

  is the amount, if any, by which

  • (a) the total of all amounts each of which is

    • (i) deemed by subsection (10.4) or 104(5.1) or (14.1) to have been paid out of the taxpayer’s NISA Fund No. 2 before the particular time, or

    • (ii) deemed by subsection 70(5.4) or 73(5) to have been paid out of another person’s NISA Fund No. 2 on being transferred to the taxpayer’s NISA Fund No. 2 before the particular time,

  exceeds

  • (b) the total of all amounts each of which is the amount by which an amount otherwise determined under this subsection in respect of a payment out of the taxpayer’s NISA Fund No. 2 before the particular time was reduced because of this description.

• Marginal note:Amount credited or added not included in income

  (10.3) Notwithstanding any other provision of this Act, an amount credited or added to a taxpayer’s NISA Fund No. 2 shall not be included in computing the taxpayer’s income solely because of that crediting or adding.

• Marginal note:Acquisition of control — corporate NISA Fund No. 2

  (10.4) For the purpose of subsection (10.2), if at any time there is an acquisition of control of a corporation, the balance of the corporation’s NISA Fund No. 2, if any, at that time is deemed to be paid out to the corporation immediately before that time.

• Marginal note:Definitions

  (11) In this section,

  anniversary day

  jour anniversaire

  anniversary day of an investment contract means

  • (a) the day that is one year after the day immediately preceding the date of issue of the contract,

  • (b) the day that occurs at every successive one year interval from the day determined under paragraph (a), and

  • (c) the day on which the contract was disposed of; (jour anniversaire)

  investment contract

  contrat de placement

  investment contract, in relation to a taxpayer, means any debt obligation other than

  • (a) a salary deferral arrangement or a plan or arrangement that, but for any of paragraphs (a), (b) and (d) to (l) of the definition salary deferral arrangement in subsection 248(1), would be a salary deferral arrangement,

  • (b) a retirement compensation arrangement or a plan or arrangement that, but for any of paragraphs (a), (b), (d) and (f) to (n) of the definition retirement compensation arrangement in subsection 248(1), would be a retirement compensation arrangement,

  • (c) an employee benefit plan or a plan or arrangement that, but for any of paragraphs (a) to (e) of the definition employee benefit plan in subsection 248(1), would be an employee benefit plan,

  • (d) a foreign retirement arrangement,

  • (d.1) a TFSA,

  • (e) an income bond,

  • (f) an income debenture,

  • (g) a small business development bond,

  • (h) a small business bond,

  • (i) an obligation in respect of which the taxpayer has (otherwise than because of subsection (4)) at periodic intervals of not more than one year, included, in computing the taxpayer’s income throughout the period in which the taxpayer held an interest in, or for civil law a right in, the obligation, the income accrued on it for those intervals,

  • (j) an obligation in respect of a net income stabilization account,

  • (k) an indexed debt obligation, and

  • (l) a prescribed contract. (contrat de placement)