Treaty between Canada and Korea (Rep.) enters into force

The new income tax treaty and protocol between Canada and Korea (Rep.), signed on 5 September 2006, entered into force on 18 December 2006. The treaty generally applies from 1 January 2007. From this date, the new treaty generally replaces the Canada-Korea (Rep.) income tax treaty and protocol of 10 February 1978. If greatertax relief would have been afforded by any provision of the previous treaty, the provision continues to have effect in the tax year 2007 (the gran…