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Residence of a Corporation

A corporation is liable to pay tax if:

–           It is a resident corporation of Canada

–           It is carrying on business in Canada

–           It derives income by rendering services in Canada

A Corporation formed after April 26, 1965 is deemed to be a resident in Canada through out the taxation year. If a Corporation was a non-resident Corporation before April 27, 1965 its status will stay unchanged if its management and control remains outside Canada and it does not carry any business in Canada.

A Corporation is deemed to be a resident in Canada if it was incorporated in Canada before April 9, 1959 and:

–           On June 18, 1971 was a foreign Corporation that was controlled by a Corporation resident in Canada

–           During the ten year period ending on June 18, 1971 carried on a business in a country other than Canada, but during this period paid dividends to shareholders in upon which the shareholders paid tax to the government of the other country

–           At any time in the taxation year or in any preceding tax year commencing after 1971, it was resident in Canada or carried on business in Canada

A corporation in general is considered to be a resident in a country where its management and central control is situated. So if a company that was incorporated in Canada but has its management and control in France will not be considered a resident in Canada. A company can have its head office and its main office in another country. Under such a scenario a corporation is considered a resident in both countries. Company will reside in a country where the legal power and control of the corporation exist.

As per Canada – US tax convention of 1980 a corporation is not subject to taxation in Canada for its industrial and commercial profits if the corporation is formed under the laws of the United States. However, if it is a permanent establishment in Canada its earnings will be subject to taxation in Canada.

For taxation years beginning after 1998 all non-resident corporations are required to file an information return where they claim treaty exemption from part I tax on their Canadian source business income.

Disclaimer:

This information is for educational purposes only. It does not constitute any legal advice or opinion. Please do not use any of its contents without seeking a professional advice.

References:

http://www.taxtips.ca

http://www.cra-arc.gc.ca/

Canadian Master Tasx Guide by CCH

 

Mansoor Suhail (Mani)

Accountant

MS TAX – BSBA – EA – ICIA – RA

Tax for Canada and U.S.A

Web: www.theaccountingandtax.com and www.taxservicesguru.com

Blog: http://taxservicesguru.blogspot.ca

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