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.
| June 18, 1992 |
| International Tax Programs Directorate |
Rulings Directorate |
| John Fennelly |
Financial Industries |
| A/Chief |
Division |
| F. Francis |
| 957-8971 |
| 920528 |
Subject: Administrative Relief for Part XIII tax paid on previously accrued interest
Further to our telephone conversation of June 15, 1992, (Westgate/Francis), we are forwarding the attached correspondance for your reply.
The letter describes a situation whereunder a Canadian resident, who has accrued interest income under subsection 12(4) of Part I of the Income Tax Act ( the " Act") subsequently becomes a non-resident and receives the interest previously accrued. Under paragraph 212(1)(b) of Part XIII of the Act, witholding tax is required in respect of any amount paid or credited to a non-resident person as interest notwithstanding that Part I tax has previously been paid on the interest.
Since the taxpayer in requesting administrative relief we are forwarding the submission for your reply.
for DirectorFinancial Industries DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1992
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© Sa Majesté la Reine du Chef du Canada, 1992
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