Tax Memo: Withholding Tax on Interest — Welcome Changes for 2008 and Beyond

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Withholding tax on interest paid or credited on debts owing to non-residents may be reduced, and in many cases eliminated, as a result of:

Bill C-28, Budget and Economic Statement Interpretation Act, 2007; and
the Fifth Protocol to amend the Canada-United States Tax Convention (the Treaty).

Some experts believe that the changes will lower borrowing costs for Canadian companies by increasing the supply of lenders and reducing administrative burdens.

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