Principal Issues: If a PLOI is part of a series of loans or other transactions and repayments that includes the repayment of a pre-March 29, 2012 loan, would the original loan be subject to subsection 15(2) and non-resident withholding, despite the income imputation in respect of the PLOI pursuant to subsection 17.1(1)?
Position: Yes, but 17.1(1) would not apply in respect of the new loan
Reasons: A PLOI election in respect of the new loan cannot be made or would be invalid because the requirement in paragraph 15(2.11)(a) would not be met.