Form descriptions - Relief at source - Canadian trust instruments - Canada

For relief at source of withholding tax on income from Canadian trust instruments, the documentation requirements for Residents of a DTT country who qualify as non-resident according to Form NR301 are as follows:

One-Time Certificate - Canadian Trust Instruments;
Per-Payment Instruction (when applicable);
CRA Form NR301 (when applicable);

and, upon request:

List of Beneficial Owners – Canadian Trust Instruments;
CRA Form NR301 (from clients acting as intermediary);
Certificate of Residence.

Important note:

Clients acting as Swiss intermediary for final beneficial owners of Canadian trust instruments are required to submit a One-Time Certificate - Canadian Trust Instruments - Swiss Intermediary only.

Form descriptions are presented according to the procedures available for relief and/or reclaim of withholding tax on income from Canadian trust instruments.

One-Time Certificate - Canadian Trust Instruments (Own Assets, Client Assets or Own and Client Assets)

One-time certification that provides information regarding the Clearstream Fund Centre client, stating that it holds Canadian trust instruments on behalf of one or more beneficial owners that are entitled to relief or exemption at source.

or, as appropriate,

One-Time Certificate - Canadian Trust Instruments – Swiss Intermediary

One-time certification that provides information regarding the Clearstream Fund Centre client, stating that it holds Canadian trust instruments in its role as Swiss intermediary and confirming that it will be compliant with any of its obligations as stated in the Double Taxation Treaty (DTT) between Canada and Switzerland and in the terms of the Canadian Information Circular IC76-12.

How many are provided?	One per Clearstream Fund Centre account.
Who completes it?	Client.
How often is it provided?	Once. Valid until revoked.
When is it provided?	At the latest, three three business days before the first income payment by 10:00 CET.
Copy or original?	Original required.

Per-Payment

Clients must submit their per-payment instruction, if applicable, via an MT565 Corporate action instruction message in CFS Portal via Swift or a Corporate action instruction in CFS Web Portal.

The per-payment instruction must be provided for each tax rate and country of tax residence requested, if applicable, and must include:

Your account number;
ISIN code;
Corporate ID;
Total holding;
Number of shares for which the reduced or exempt tax rate applies.

Additionally, the following formatting information is required:

CFS Portal via Swift	CFS Web Portal
Sequence C: Beneficial Owner’s details – BENODET	Beneficial owner details
:94C: DOMI Country of Domicile	Country of domicile (for beneficial owner details)

Sequence D: Corporate Action Instruction – CAINST	Corporate action instruction
:92a: TAXB Requested Tax Rate	Requested Withholding Tax Rate (%)

Note: The requirement to provide a tax rate is not applicable to instructions sent for the following Corporate Action events on the Canadian market, due to specific notifications sent for these events:

Swift CA Event Indicator (CAEV)	Description	Mandatory/Voluntary Indicator (CAMV)
DVCA	Currency Option on Dividend	CHOS
DRIP	Dividend Reinvestment	CHOS
DVOP	Dividend Option	CHOS

For such events, either:

a specific option number needs to be selected;

for clients interested in the SECU option, the tax rate is available and needs to be provided in the respective field of the instruction.

For full formatting requirements of these instructions, clients should refer to the MT564 Corporate Action event notification and to the CFS Portal User Manual available on our website.

How many are provided?	One per Clearstream Fund Centre account and per each tax rate required.
Who completes it?	Client.
How often is it provided?	Per relevant payment.
When is it provided?	At the latest three business days before each relevant payment by 10:00 CET.
Copy or original?	The per-payment instruction must be delivered via CFS via Swift (formatted MT565) or CFS Web Portal message.

NR301 Declaration of Eligibility for Benefits under a Tax Treaty for a Non-Resident Taxpayer

Clients holding proprietary assets must submit, directly to Clearstream Fund Centre, a Form NR301 signed by themselves as final beneficial owner qualifying for Double Taxation Treaty (DTT) relief as non-resident per Form NR301.

Clients holding assets as intermediary must receive and retain a Form NR301 signed by the final beneficial owner qualifying for DTT relief as non-resident according to Form NR301 and must provide it promptly to Clearstream Fund Centre upon request at any time.

N.B.: Form NR301 must be dated before the first relevant income payment.

How many are provided?	One per beneficial owner.
Who completes it?	Beneficial owner.
How often is it provided?	Once. Valid for three years from the end of the calendar year in which it is signed and dated by the final beneficial owner, unless there is a change in the taxpayer’s eligibility for treaty benefit, in which case a new form must be provided immediately.
When is it provided?	(Own assets) at the latest, three business days before the first income payment by 10:00 CET. (Intermediary) upon request.
Copy or original?	Original required.

List of Beneficial Owners - Canadian Trust Instruments

Provides the list of beneficial owners that obtained the reduced rate at source.

Who completes it?	Client.
How often is it provided?	Upon request.
When is it provided?	Upon request.
Copy or original?	Original required.

Certificate of Residence

A Certificate of Residence with the beneficial owner’s full name and address issued by the beneficial owner’s tax authorities.

How many are provided?	One per beneficial owner.
Who completes it?	Beneficial owner’s tax authorities.
How often is it provided?	Upon request.
When is it provided?	Upon request.
Copy or original?	Original required.

Form descriptions - Relief at source - Canadian trust instruments - Canada - CFCL