Income Tax Act
Marginal note:NRO — transition
134.1 (1) This section applies to a corporation that
(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) A corporation to which this section applies is deemed to be a non-resident-owned investment corporation in its first non-NRO year for the purposes of applying, in respect of dividends paid on shares of its capital stock in its first non-NRO year to a non-resident person or a non-resident-owned investment corporation, subsections 133(6) to (9) (other than the definition non-resident-owned investment corporation in subsection 133(8)) and section 212 and any tax treaty.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2001, c. 17, s. 132
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