Straight Talk
Elimination of Canadian withholding tax for "arm’s length" parties who are non-residents of Canada
With the recent passing of new legislation in Canada (Bill C-28), effective Jan. 1, 2008, the payment of withholding tax will be eliminated on most “arm’s length” (unrelated party) interest payments made to non-residents of Canada.
For reference, these definitions are available on the Canada Revenue Agency’s website.
CIBC Mellon is currently gathering information to determine the best approach in complying with this new legislation.
We will contact you shortly with an update.
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Straight Talk is provided for general information purposes only and CIBC Mellon Global Securities Services Company, CIBC Mellon Trust Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.
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