Where do I claim the payback of a loan?

[jdmcconnery]

My father sold a business to my cousin with the agreement that the cousins pays back a certain amount over 10 years.  My father has since past and that monthly payment comes to me.  My cousin will not produce a T5 as he's not incorporated.  Where should I declare this amount?

[Delphision · Accepted solution]

You are just the holder of a promissory note. It is not income. It is basically the same as if you loaned him the money and he paid you back.Any interest portion of the loan is income and reported as interest not on a Tslip.