I-3 - Taxation Act

Section 1043 Disposition versions

2006-03-01

1043. Where the income of a taxpayer for a taxation year or part thereof is from sources in another country and the taxpayer by reason of monetary or exchange restrictions imposed by that country is unable to transfer it to Canada, the Minister may postpone the time of payment of the whole or part of the tax reasonably attributable to the income from sources in that country for a period which he determines, if he is satisfied that the payment of the whole tax for the year would impose extreme hardship on the taxpayer; in such case, no interest is exigible on the payment of tax so postponed for the period determined by the Minister.

However, the payment shall not be so postponed if such income has been, in whole or in part, transferred to Canada, used by the taxpayer for any purpose other than the payment of a tax on such income to the government of that country or has been disposed of by him.

1972, c. 23, s. 767.