The Department of Finance says that the convention between Canada and the Republic of Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force.
The convention was signed on 5 Sept. 2006 and entered into force on 18 Dec. 2006. Under the convention, the following withholding tax rates will have effect on amounts paid or credited to non-residents on or after 1 Jan. 2007.
The new convention replaces the 1978 tax treaty between Canada and Korea.