As required by the Canada Revenue Agency (CRA), Canadian financial institutions and other payers are obligated to withhold non-resident tax at a rate of 25% on certain types of Canadian-source income paid or credited to individuals who are considered non-residents of Canada.
The most common types of income generated within a Corex account that may be subject to non-resident withholding tax include interest and dividends.
Please note: The withholding tax is applied at the source, meaning it is deducted before the income is credited to your account.
For more detailed information on how non-resident withholding tax may affect your account, we recommend consulting a tax professional or advisor to understand the specific impact based on your individual circumstances.
Disclaimer:
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
