QUESTION:
I am a canadian non-resident living overseas, when to close a GIC a message
appeared on the screen from the CRA saying than I can only withdraw 25% of
my investment.
Is this a new law? I would like to know more about it.
Thanks
===================
david ingram replies:
I know of no such law.  I think you saw a message which referred to a 25%
withholding tax on any interest earned by your investment.  This is the rate
for interest paid to a resident of a country that does not have a treaty
with Canada.  When there is a treaty the withholding tax is usually always
10% with the exception of Bangladesh which has a 15% withholding according
to Article XI of the Canada Bangladesh Income Tax Convention.
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