The Resource Canada's revised Section 116 regime for nonresident vendors

Canada's revised Section 116 regime for nonresident vendors

Label
Canada's revised Section 116 regime for nonresident vendors
Title
Canada's revised Section 116 regime for nonresident vendors
Creator
Subject
Language
eng
Summary
This article explains the regime for nonresident vendors under section 116 of the Income Tax Act (Canada); in particular, the authors review the three requirements under the system: 1) Vendor notification: excluded property, property in Section 116(5.2), vendor notification procedure, procedures and penalties, clearance certificates; 2) Purchaser liability to remit: excluded property, reasonable belief vendor is Canadian resident, the new treaty-protected property exception, new form T2062C, clearance cerificates, remittance procedures and penalties; 3) Vendor Canadian tax return: income tax owed for the year, disposing of taxable Canadian property (TCP), taxable capital gain, treaty-based returns - corporations, and procedure and penalties
Citation source
In: Tax notes international. - Falls Church. - Vol. 53 (2009),
http://library.link/vocab/creatorName
  • Suarez, S
  • Gaskell, D
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • non-resident
  • income tax
  • penalties
Label
Canada's revised Section 116 regime for nonresident vendors
Instantiates
Publication
Label
Canada's revised Section 116 regime for nonresident vendors
Publication

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