I-3 - Taxation Act

Section 772.4 Disposition versions

2009-05-15

772.4. For the purposes of this chapter, an individual’s business income that is attributable to an establishment situated in a particular foreign country shall be computed by applying, with the necessary modifications, the regulations made under section 22.

In addition, any deduction referred to in this chapter, otherwise than under section 772.11 or 772.12, shall be computed separately in respect of each country.

Any reference in this chapter to the government of a foreign country or a country other than Canada includes a reference to the government of a political subdivision of such a country.

Where the income from a source in a particular country would be tax-exempt income but for the fact that a portion of the income is subject to an income or profits tax imposed by the government of a country other than Canada, that portion of the income is deemed, for the purposes of this chapter, to be income from a separate source in the particular country.

For the purposes of section 772.9.1, if, in computing a taxpayer’s income from a business carried on by the taxpayer in Canada, an amount is included in respect of interest paid or payable to the taxpayer by a person resident in a foreign country, and the taxpayer has paid to the government of that country a non-business-income tax for the year with respect to the amount, the amount is deemed to be income from a source in that foreign country.

1995, c. 63, s. 82; 2003, c. 2, s. 229; 2009, c. 5, s. 323.

2006-03-01

772.4. For the purposes of this chapter, an individual’s business income that is attributable to an establishment situated in a particular foreign country shall be computed by applying, with the necessary modifications, the regulations made under section 22.

In addition, any deduction referred to in this chapter, otherwise than under section 772.11 or 772.12, shall be computed separately in respect of each country.

Any reference in this chapter to the government of a foreign country or a country other than Canada includes a reference to the government of a political subdivision of such a country.

Where the income from a source in a particular country would be tax-exempt income but for the fact that a portion of the income is subject to an income or profits tax imposed by the government of a country other than Canada, that portion of the income is deemed, for the purposes of this chapter, to be income from a separate source in the particular country.

1995, c. 63, s. 82; 2003, c. 2, s. 229.