AI-assisted research summary: This order grants remission of certain income tax, interest, and penalties for specified lenders and financing entities on amounts paid or credited by Telesat Canada after October 30, 1987, under the listed credit agreement.
Order Respecting the Remission of Income Tax in Respect of Certain Amounts Paid or Credited by Telesat Canada His Excellency the Governor General in Council, considering that it is in the public interest, is pleased hereby, on the recommendation of the Minister of Finance and the Treasury Board, pursuant to section 23 of the Financial Administration Act, to make the annexed Order respecting the remission of income tax in respect of certain amounts paid or credited by Telesat Canada. This Order may be cited as the Telesat Canada Financing Remission Order. In this Order, credit agreement means the agreement for a loan by the lenders to Telesat Canada for the purpose of financing the launches of certain satellites, signed on July 24, 1987 by Telesat Canada and the lenders, as amended to October 30, 1988; (convention de financement) financing entities means the Banque française pour le commerce extérieur, a financing agency of the Government of the French Republic, or the Compagnie française d’assurance des crédits à l’exportation, an export development and financing agency of the Government of the French Republic; (organismes de financement) lenders means the following banking institutions created under the law of the French Republic the Banque nationale de Paris, the Canadian Imperial Bank of Commerce (International) S.A., and the Crédit lyonnais; (prêteurs) Protocol means the Protocol to the Taxation Convention between the Government of Canada and the Government of the French Republic signed on May 2, 1975, which Protocol was signed at Ottawa on January 16, 1987, entered into force on October 1, 1988 and was published in the Canada Gazette Part II on December 7, 1988 in SI/88-237; (avenant) Telesat Canada means the company continued under the Telesat Canada Act. (Télésat Canada) Remission is granted to each of the lenders and financing entities of the amount, if any, by which the aggregate of the taxes, interest and penalties payable by the lender or financing entity under the Income Tax Act in respect of amounts paid or credited by Telesat Canada to the lender or financing entity after October 30, 1987 under the credit agreement exceeds the aggregate of the taxes, interest and penalties that would have been payable by the lender or financing entity under the Income Tax Act in respect of those amounts if the Protocol had entered into force on October 30, 1987.