22 September 2016 Canada Revenue Agency treats certain US partnerships as corporations At a May 26 conference in Montreal hosted by the International Fiscal Association (IFA), representatives from the Canada Revenue Agency (CRA) announced that the CRA will consider limited liability partnerships and limited liability limited partnerships (collectively, LLPs) established under Delaware and Florida law to be corporations for Canadian income tax purposes. The consequences are that these LLPs will be considered separate legal entities for tax purposes, taxable at the entity level rather than at the partner level. Document ID: 2016-1601 |