Government of Canada / Gouvernement du Canada
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Income Tax Act

Version of section 134.1 from 2013-06-26 to 2024-05-01:

Marginal note:NRO — transition

  •  (1) This section applies to a corporation that

    • (a) was a non-resident-owned investment corporation in a taxation year;

    • (b) is not a non-resident-owned investment corporation in the following taxation year (in this section referred to as the corporation’s “first non-NRO year”); and

    • (c) elects in writing filed with the Minister on or before the corporation’s filing-due date for its first non-NRO year to have this section apply.

  • Marginal note:Application

    (2) For the purposes of applying subsections 104(10) and (11) and 133(6) to (9) (other than the definition non-resident-owned investment corporation in subsection 133(8)), section 212 and any tax treaty, a corporation described in subsection (1) is deemed to be a non-resident-owned investment corporation in its first non-NRO year in respect of dividends paid in that year on shares of its capital stock to a non-resident person, to a trust for the benefit of non-resident persons or their unborn issue or to a non-resident-owned investment corporation.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 2001, c. 17, s. 132
  • 2013, c. 34, s. 281

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