Bill C-105
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SUMMARY |
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The purpose of this enactment is to implement income tax
conventions that have been signed with Latvia, Estonia and Trinidad
and Tobago and a protocol to the income tax convention with Hungary.
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Tax treaties, and their amending protocols, have two main
objectives: the avoidance of double taxation and the prevention of fiscal
evasion. Since they contain taxation rules that are different from the
provisions of the Income Tax Act, they become effective only if an Act
giving them precedence over domestic legislation is passed by
Parliament.
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The conventions in this enactment are generally patterned on the
Model Double Taxation Convention prepared by the Organisation for
Economic Co-operation and Development. The protocol in this
enactment brings the convention with Hungary in line with current
Canadian tax policy, particularly with respect to the rates of withholding
taxes.
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