,canada ,rev5ue ,ag5cy #a ,9t]pret,n ,bullet9 ,subject3 ,9come ,tax ,act--,exemp;n f ,non-,resid5t ,tax on ,9t]e/ ,paya# on ,c]ta9 ,bonds1 ,deb5tures1 ,notes1 ,hypo!cs or ,simil> ,oblig,ns ,numb]3 ,,it-#aee;,r#c ,date3 ,june #af1 #aihi ,ref];e3 ,clause #bab7#a77b77;ii77,c7 7al subsec;n #bab7#ae77 ,applic,n ,? bullet9 replaces & c.els ,9t]pret,n ,bullet9 ,,it-#aee;,r#b dat$ ,may #d1 #aihd4 ,curr5t revi.ns >e designat$ 0v]tical l9es4 ,summ>y ,p>agraph #bab7#a77b7 provides =a tax 7"h9 ref]r$ 6z a 8non-resid5t tax07 ( #be p] c5t 7un.s reduc$ 0a tax #a  ,,it-#aee;,r#c a#a tr1ty ) ano!r c.try7 on 9t]e/ pd or cr$it$ 0a p]son resid5t 9 ,canada 6a p]son n resid5t 9 ,canada1 un.s an excep;n applies4 ,? bullet9 4cusses ! excep;ns 3ta9$ 9 clause #bab7#a77b77;ii77,c7 ) respect 6c]ta9 gov]n;t debt4 ,o!r excep;ns >e 4cuss$ 9 ,,it-#cfj;,r#b 8,9t]e/ ,paya# 9 a ,=eign ,curr5cy01 ,,it-#cfa;,r#b 8,exemp;n ,f ,tax on ,9t]e/ ,pay;ts 6,non-,resid5ts0 & ,9=m,n ,circul> #gg-af;,r#c 8,non- ,resid5t ,9come ,tax04 ,4cus.n & ,9t]pret,n 7p>agraphs #a-ab7 #a4 ,subclause #bab7#a77b77;ii77,c77,i7 provides = an exemp;n f non-resid5t tax ": ! am.t pd or cr$it$ is 9 respect ( 9t]e/ paya# on a bond1 deb5ture1 note1 mortgage1 hypo!c or simil> oblig,n (1 or gu>ante$ by1 ! ,gov]n;t ( ,canada4 ,! gu>antee m/ cov] ! full am.t (! oblig,n4 #b  ,,it-#aee;,r#c b#a #b4 ,! expres.n 8gu>ante$ 0! ,gov]n;t ( ,canada0 ref]s 6a gu>antee giv5 "u ! au?or;y ( ,p>lia;t 6fulfill 9 case ( default ! oblig,ns (a p]son4 ,9t]e/ pd on oblig,ns (1 or gu>ante$ by1 a ,cr[n corpor,n 7or a bo>d1 -mis.n or o!r body7 t c 2 reg>d$ z ! ,gov]n;t ( ,canada 0virtue ( xs 5abl+ legisl,n is al exempt f ! non-resid5t tax :5 pd or cr$it$ 6a p]son n resid5t 9 ,canada4 ,examples ( s* 5tities >e ! ,canadian ,:1t ,bo>d1 ! ,export ,develop;t ,corpor,n & ,petro-,canada4 ,air ,canada is an example (a ,cr[n ,corpor,n : is n reg>d$ z ! ,gov]n;t ( ,canada4 --------------------------------------#b #c4 ,n,nal ,h\s+ ,act 7,,nha7 9sur$ mortgages >e gu>ante$ 0! ,gov]n;t ( ,canada4 ,h["e1 an ,,nha 9sur$ mortgage may 2 held only 0a l5d] :o has be5 approv$ 0! ,gov]nor 9 ,c\ncil =! purpose ( mak+ loans "u ! ,,nha 7an 8approv$ l5d]074 ,s* a mortgage #c  ,,it-#aee;,r#c a#b pur*as$ 0a p]son n resid5t 9 ,canada 3t9ues 6be an ,,nha 9sur$ mortgage z l;g z x is adm9i/]$ 0! approv$ l5d]4 ,": a non-resid5t is n ! regi/]$ [n] (! ,,nha 9sur$ mortgage1 "! is no exemp;n "u subclause #bab7#a77b77;ii77,c77,i7 un.s ! sale & adm9i/r,n agree;t 2t ! pur*as] &! approv$ l5d] provide t ! transf] (! title 6! mortgage c 2 regi/]$ 9 ! "n (! non-resid5t1 at any "t1 at ! op;n (! non-resid5t pur*as]4 #d4 ,an am.t pd or cr$it$ 0a gu>antor 9 respect ( 9t]e/ paya# "u a gu>ante$ oblig,n is subject 6non-resid5t tax "u p>agraph #bab7#a77b7 un.s ! oblig,n is "o on : ! 9t]e/ is exempt "u "o (! excep;ns 9 p>agraph #bab7#a77b7 7e4g41 an oblig,n ref]r$ 6in #a abv74 #e4 ,9t]e/ on a bond1 deb5ture1 note1 mortgage1 hypo!c or simil> oblig,n t is 9sur$ 0! ,canada ,deposit ,9sur.e ,corpor,n is deem$ "u subsec;n #d  ,,it-#aee;,r#c b#b #bab7#ae7 n 6be 9t]e/ on an oblig,n gu>ante$ 0! ,gov]n;t ( ,canada4 #f4 ,! 9t]e/ on a ,gov]n;t ( ,canada tr1sury bill 7i4e4 ! di6];e 2t ! face am.t "!( &! am.t pd "!=7 pd 6a p]son n resid5t 9 ,canada is exempt f non- resid5t tax 0virtue ( subclause #bab7#a77b77;ii77,c77,i74 #g4 ,": a p]son n resid5t 9 ,canada ov]pays a tax liabil;y & 9t]e/ z det]m9$ "u subsec;n #afd7#c7 9 respect (! ov]pay;t is pd or cr$it$ 6t p]son1 ! exemp;n "u subclause #bab7#a77b77;ii77,c77,i7 is n applica# 2c ! ov]pay;t describ$ 9 subsec;n #afd7#c7 is n a bond1 deb5ture1 note1 mortgage1 hypo!c or simil> oblig,n issu$ 0! ,gov]n;t ( ,canada 7,see #a abv & #aj 2l74 ,proc$ures = obta9+ a refund ( any ov]pay;t ( non-resid5t tax >e set \ 9 ,9=m,n ,circul> #gg-af;,r#c4 #h4 ,subclause #bab7#a77b77;ii77,c77,,ii7 #e  ,,it-#aee;,r#c c#b provides = an exemp;n f non-resid5t tax ": ! am.t pd or cr$it$ is 9 respect ( 9t]e/ paya# 0! gov]n;t (a prov9ce or an ag5t "!( on ! types ( oblig,ns ref]r$ 6in #a abv4 ,! oblig,n m/ 2 an oblig,n (! prov9ce or an ag5t "!(1 n m]ely "o gu>ante$ "!by z 9 #a abv4 --------------------------------------#c #i4 ,! rema9+ exemp;ns "u clause #bab7#a77b77;ii77,c7 p]ta9 6am.ts pd or cr$it$ 9 respect ( 9t]e/ paya# on bonds1 deb5tures1 mortgages1 hypo!cs or simil> oblig,ns ( 7a7 a municipal;y 9 ,canada1 or a municipal or public body p]=m+ a func;n ( gov]n;t 9 ,canada 7e4g41 a s*ool bo>d7 7subclause #bab7#a77b77;ii77,c77,,iii771 7b7 a corpor,n1 -mis.n or associ,n n less ?an #ij p] c5t (! %>es or capital ( : is [n$ 0h] ,maje/y 9 "r (a prov9ce or 0a ,canadian municipal;y1 or (a subsidi>y #f  ,,it-#aee;,r#c a#c :olly-[n$ corpor,n t is subsidi>y 6s* a corpor,n1 -mis.n or associ,n 7subclause #bab7#a77b77;ii77,c77,,iv71 or 7c7 an $uc,nal 9/itu;n or a hospital if repay;t (! pr9cipal am.t "!( & pay;t (! 9t]e/ "!on is 6be made1 or is gu>ante$1 assur$ or o!rwise specific,y provid$ = or secur$ 0! gov]n;t (a prov9ce 7subclause #bab7#a77b77;ii77,c77,v774 #aj4 ,subject 6! limit,ns 9 #aa & #ab 2l1 ! exemp;ns provid$ "u clause #bab7#a77b77;ii77,c7 apply 6oblig,ns issu$ af ,april #ae1 #aiff4 #aa4 ,) respect 6an oblig,n 7o!r ?an a prescrib$ oblig,n7 7a7 issu$ or ext5d$ af ,febru>y #be1 #aihf 7o!r ?an pursuant 6an agree;t 9 writ+ 5t]$ 96on or 2f t date71 or 7b7 "u : ! t]ms & 3di;ns relat+ 6! -put,n ( 9t]e/ paya# "!on >e *ang$ at any "t pursuant 6an agree;t made af ,febru>y #be1 #aihf1 ! #g  ,,it-#aee;,r#c b#c exemp;ns "u clause #bab7#a77b77;ii77,c7 d n apply ": all or any por;n (! 9t]e/ paya# on ! oblig,n is 3t+5t or dep5d5t ^u ! use ( or produc;n f prop]ty 9 ,canada1 or -put$ 0ref];e 6rev5ue1 pr(it1 ca% fl[1 -mod;y price or any o!r simil> crit]ion or 0ref];e 6divid5ds pd or paya# 6%>ehold]s ( any class (! capital /ock (a corpor,n4 ,6! date (! public,n ( ? bullet91 "! >e no oblig,ns prescrib$ = ? purpose4 #ab4 ,despite ! clause #bab7#a77b77;ii77,c7 exemp;ns1 9t]e/ paya# on an oblig,n 5t]$ 96dur+ ! p]iod f ,novemb] #ab1 #aiha 7o!r ?an "o 5t]$ 96pursuant 6a -mit;t 9 writ+ made on or 2f t date7 6& 9clud+ ,febru>y #be1 #aihf1 is n exempt f ,"p ,,xiii ,tax if all or any por;n (! 9t]e/ is 3t+5t or dep5d5t ^u ! use ( or produc;n f prop]ty 9 ,canada4 #h