SI/85-214198512

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20196

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FINANCIAL ADMINISTRATION ACTGovernment and Long-Term Corporate Debt Obligations Remission OrderOrder Respecting the Remission of Certain Income Taxes Paid or Payable by Certain Persons in Respect of Interest From Government and Long-Term Corporate Debt ObligationsP.C.1985-3480198511

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Her Excellency the Governor General in Council, considering that it is in the public interest to make the annexed remission order, is pleased hereby, on the recommendation of the Minister of Finance and the Treasury Board and pursuant to section 17* of the Financial Administration Act, to make the annexed Order respecting the remission of certain income taxes paid or payable by certain persons in respect of interest from government and long-term corporate debt obligations.*S.C. 1980-81-82-83, c. 170, s. 4Short Title

1This Order may be cited as the Government and Long-Term Corporate Debt Obligation Remission Order.

Interpretation

2In this Order,Act means the Income Tax Act. (Loi)

Remission

3Remission is hereby granted to each non-resident person who is liable for tax under Part XIII of the Act in respect of any amount paid or credited to him as, on account or in lieu of payment of, or in satisfaction of, interest of an amount equal to the amount, if any, by which(a)the tax that would be payable by the non-resident person under Part XIII of the Act in respect of the amount so paid or creditedexceeds(b)the tax that would be payable by the non-resident person under Part XIII of the Act in respect of the amount so paid or credited if the references to “1986” in subparagraphs 212(1)(b)(ii) and (vii) of the Act were read as references to “1987”.

4Where a person required to deduct or withhold a tax payable by a non-resident person under Part XIII of the Act is liable to pay as tax under Part XIII on behalf of the non-resident person the whole of the amount that should have been deducted or withheld, remission is hereby granted to that person of an amount equal to the amount, if any, by which(a)the tax payable by the person so required to deduct or withhold under Part XIII of the Actexceeds(b)the tax that would be payable by the person so required to deduct or withhold under Part III of the Act if the references to “1986” in subparagraphs 212(1)(b)(ii) and (vii) of the Act were read as references to “1987”.