Income Tax Act
Marginal note:NRO — transition
(a) was a non-resident-owned investment corporation in a taxation year;
(b) is not a non-resident-owned investment corporation in the following taxation year (in this section referred to as the corporation’s “first non-NRO year”); and
(c) elects in writing filed with the Minister on or before the corporation’s filing-due date for its first non-NRO year to have this section apply.
(2) For the purposes of applying subsections 104(10) and (11) and 133(6) to (9) (other than the definition non-resident-owned investment corporation in subsection 133(8)), section 212 and any tax treaty, a corporation described in subsection (1) is deemed to be a non-resident-owned investment corporation in its first non-NRO year in respect of dividends paid in that year on shares of its capital stock to a non-resident person, to a trust for the benefit of non-resident persons or their unborn issue or to a non-resident-owned investment corporation.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. 2001, c. 17, s. 132;
- 2013, c. 34, s. 281.
- Date modified: