Underwithholding. 7.1 Where the T2CB establishes that it should have withheld an amount from payments made to the Client and such amounts were not withheld, the T2CB may either withhold from future payments made to the Client or satisfy the tax from property that it holds in custody for the Client or property over which it has control. The rights of the T2CB pursuant to this Article 7 may be exercised only if and to the extent that there are insufficient funds in the Deposit to reimburse the T2CB or the T2CB is not entitled to access the funds in the Deposit.
Underwithholding. 7.1 Where the QI establishes that it should have withheld an amount from payments made to the Client and such amounts were not withheld, the QI may either withhold from future payments made to the Client or satisfy the tax from property that it holds in custody for the Client or property over which it has control. The rights of the QI pursuant to this Article 7 may be exercised only if and to the extent that there are insufficient funds in the Deposit to reimburse the T1CB or the T1CB is not entitled to access the funds in the Deposit.
Underwithholding. “Underwithholding” means the excess of the amount required to be withheld under chapter 3 or 4 or section 3406 over the amount actually withheld.
