Ahmed Maklad (anonymous)


I am a newcomer to Canada. I plan to have GICs in my home country Egypt as the interest rate is higher than Canada. I understood from the tax treaty between Canada and Egypt that the taxes I need to pay back in Canada is capped to maximum of 15% of the interest income I receive in Egypt, is that correct statement? In other words, I will not pay taxes in Canada based on my marginal tax rate rather it will be according to the treaty clauses Article 11 point 2.