Income Tax Regulations

413 (1) In this Part, if a corporation is not resident in Canada, “salaries and wages paid in the year” by the corporation does not include salaries and wages paid to employees of a permanent establishment outside Canada.

(2) For the purposes of paragraph 402(3)(a), where a corporation is not resident in Canada, “total gross revenue for the year” of the corporation does not include gross revenue reasonably attributable to a permanent establishment outside Canada.

(3) For the purpose of paragraph 404(1)(b), in the case of an authorized foreign bank, “all loans and deposits of the bank for the year” is to be read as a reference to “all loans and deposits of the bank for the year in respect of its Canadian banking business”.