The Canadian Government released its 2008 Budget on February 26, 2008. The Budget is relevant to non-Canadian investors, in that it is intended to simplify the tax filing procedures imposed when they sell property that is deemed to have a source in, or generally a “nexus” to, Canada. This property is labelled “taxable Canadian property” (“TCP”) and the tax filing procedures are imposed under section 116 of the Canadian Income Tax Act (the “Act”).

type Not as Advertised: New Tax Filing Procedures for Non-Canadian Resident Vendors