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October 29, 2018
2018-2158

Canada’s Finance Minister tables NWMM for tax measures and adjusts proposed filing deadline for Form T1134s

Federal Finance Minister Bill Morneau tabled a notice of ways and means motion (NWMM) on October 25, that includes most of the draft legislative proposals released on July 27, relating to outstanding measures announced in the 2018 federal budget, a revised version of the September 16, 2016 income tax amendments concerning foreign spinoffs and the shareholder benefit rules, and some indirect tax measures. The NWMM takes into account comments received since the release of the above-mentioned legislative proposals. Most notably, the NWMM addresses concerns raised over the 2018 federal budget proposal to shorten the filing deadline for Form T1134, Information Return Relating to Controlled and Not-Controlled Foreign Affiliates, from 15 months to six months after the end of a taxpayer’s taxation year. The NWMM revises the proposed filing deadline to 12 months for filings related to taxation years beginning in 2020 and to 10 months for filings related to taxation years beginning after 2020.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.

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Full text of this Tax Alert

 

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