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FEDERAL INCOME TAX - Foreign income - Tax treaties - Appeals - Tax Court of Canada - Determination of preliminary questions - Questions of law

Friday, March 03, 2017 @ 8:47 AM  

Appeal by the appellant, Société Générale Valeurs Mobilières (SocGen), from a preliminary determination of questions of law. The appellant was a Canadian tax resident that earned bond interest income in Brazil, and income from other Canadian taxable sources. At issue was interpretation of the tax sparing provision in the double tax Treaty between Brazil and Canada. Generally, the provision required Canada to provide a foreign tax credit on qualifying Brazilian income as if Brazilian tax had been imposed, even if the income was not taxed in...