Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
March 17, 1981
Revenue Canada, Taxation Non-Corporate Rulings Division 875 Heron Road Ottawa, Ontario K1A 0L8
Dear Sir:
Would you please provide us with an opinion as requested below.
FACTS:
Mr. S is a resident of Australia.
Mr. S has funds on deposit in interest earning vehicles at a Canadian chartered bank.
OPINION REQUESTED:
Does the term "interest" as defined under Article 11 of the Canada-Australia Income Tax Convention (1980) include interest on funds on deposit at a Canadian chartered bank?
Will interest that Mr. S earns on these funds then be subject to a non-resident withholding tax not exceeding 15% according to Article 11 of the Canada-Australia Income Tax Convention (1980)?
We look forward to your reply at your earliest convenience.
Yours very truly,
XXXX
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© Her Majesty the Queen in Right of Canada, 1981
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© Sa Majesté la Reine du Chef du Canada, 1981
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