CPA Canada advises the Canada Revenue Agency on convertible debentures

Learn about Chartered Professional Accountants of Canada (CPA Canada)’s position on the challenges caused by current convertible debenture laws and how to address them, in this letter to the Canada Revenue Agency (CRA).

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CPA Canada has shared its input on the CRA’s potential application of Part XIII withholding tax to convertible debentures issued by Canadian resident issuers. Developed by the Joint Committee on Taxation of the Canadian Bar Association and CPA Canada, this May 10, 2010 letter to the CRA explains the technical tax uncertainty currently facing issuers and potential investors of convertible debentures, and suggests two alternative positions that might alleviate this issue.