Income Tax Act (Canada). SKYTRAC represents and warrants that it is not a “non-resident” for the purposes of the Income Tax Act (Canada).
Income Tax Act (Canada). In this Contract of Trust, any reference to the “Income Tax Act (Canada)”, the “Income Tax Act” or the “Tax Act” shall refer to the Income Tax Act, Revised Statutes of Canada 1985, Chapter 1 (5th Supplement) and the regulations thereunder as amended from time to time applicable with respect thereto. Any reference herein to a particular provision of the Income Tax Act shall include a reference to that provision as it may be renumbered or amended from time to time. Where there are proposals for amendments to the Income Tax Act which have not been enacted into law or proclaimed into force on or before the date on which such proposals are to become effective, the Trustees may take such proposals into consideration and apply the provisions hereof as if such proposals had been enacted into law and proclaimed into force. Any reference herein to the Income Tax Act (Canada), the Income Tax Act or to the Tax Act shall also include a reference to any applicable and corresponding provision under the income tax laws of a province or territory of Canada.
Income Tax Act (Canada). Interest, for tax purposes, will be reported in accordance with the Income Tax Act (Canada).
Income Tax Act (Canada). Each Canadian Borrower is either not a non-resident of Canada for purposes of the Income Tax Act (Canada) or is deemed a resident of Canada for purposes of Part XIII of the Income Tax Act (Canada).
Income Tax Act (Canada). It is the intention of the Vendor and the Purchaser that the transfer and distribution of the Vendor’s Assets as contemplated by the terms and conditions hereof shall take place pursuant to subsection 88(1) of the Income Tax Act (Canada).
Income Tax Act (Canada). Canadian Seller is not a non-resident of Canada for purposes of the Income Tax Act (Canada) and any applicable provincial taxing laws."
(f) The first sentence of Section 5.9(b) shall be amended by deleting the words "as of the business day before Closing" and inserting in lieu thereof the words "as of the second business day before Closing."
(g) Section 6.1(l) is hereby amended and restated in its entirety as follows:
Income Tax Act (Canada). Certificate of Bridge Loan Lenders
Income Tax Act (Canada). The Purchaser shall be credited towards the Purchase Price with the amount, if any, which it shall be necessary for the Purchaser to pay to the Canada Revenue Agency in order to satisfy the Purchaser’s liability or obligation in respect of tax payable or monies subject to being withheld by the Vendor under the non-residency provisions of the Income Tax Act by reason of the transactions contemplated hereunder. The Purchaser shall not claim such credit if the Vendor delivers, on Closing, the prescribed certificate or its statutory declaration that it is not then a non-resident of Canada.
Income Tax Act (Canada). The Canadian Lender is not a non-resident of Canada for purposes of the Income Tax Act (Canada).
Income Tax Act (Canada). Neither the Canadian Administrative Agent nor any Canadian Lender is a non-resident of Canada for purposes of the ITA.
