Income Tax Act
Marginal note:Tax payable on non-resident contributions
207.03 If, at a particular time, a non-resident individual makes a contribution under a TFSA (other than a contribution that is a qualifying transfer or an exempt contribution), the individual shall pay a tax under this Part equal to 1% of the amount of the contribution in respect of each month that ends after the particular time and before the earlier of
(a) the first time after the particular time at which the amount of the contribution is equalled or exceeded by the total of all amounts each of which is a distribution
(b) the time at which the individual becomes resident in Canada.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. 2008, c. 28, s. 31;
- 2009, c. 2, s. 69.
- Date modified: