Tax wiki
s. 134.1
PART I — Income Tax · DIVISION F — Special Rules Applicable in Certain Circumstances · Non-Resident-Owned Investment Corporations
NRO — transition
Not yet annotated · Text current to 2026-06-21 · section last amended 2013-06-26
Current text
This section applies to a corporation that
was a non-resident-owned investment corporation in a taxation year;
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
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.
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.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2013-06-25:
Show the text in force 2004-08-31 to 2013-06-25
NRO — transition
134.1 (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.
Application
(2) A corporation to which this section applies is deemed to be a non-resident-owned investment corporation in its first non-NRO year for the purposes of applying, in respect of dividends paid on shares of its capital stock in its first non-NRO year to a non-resident person or a non-resident-owned investment corporation, subsections 133(6) to (9) (other than the definition non-resident-owned investment corporation in subsection 133(8)) and section 212 and any tax treaty.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2001, c. 17, s. 132
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 134.1 links to the one before it.
Enacting and amending legislation
- 2001, c. 17, s. 132; 2013, c. 34, s. 281
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 134.1.