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The Canada Revenue Agency (CRA) has postponed new documentation requirements for customers seeking tax relief via DTCC’s TaxRelief SM service until January 1, 2013. The documentation, which will be needed to prove that a client is eligible for a reduced tax withholding rate, was scheduled to take effect January 1, 2012.
Under the proposed Canada Revenue Agency (CRA) guidelines, firms will need to have end-investors complete new declaration forms or the firms themselves will have to provide the equivalent information requested on the declaration forms to prove that the investor is:
- The beneficial owner of the income;
- Resident in a country that has a tax treaty with Canada;
- Eligible for treaty benefits on the income being paid.
Global Tax Services will provide an update on the Canadian tax-relief process at is annual Global Tax Forum April 27 in New York.
Related Content
The Canada Revenue Agency (CRA) has postponed new documentation requirements for customers seeking tax relief via DTCC’s TaxRelief SM service until January 1, 2013. The documentation, which will be needed to prove that a client is eligible for a reduced tax withholding rate, was scheduled to take effect January 1, 2012.