10 December 2020 Preview of Canada's revised T1134 form provided The Canada Revenue Agency (CRA) released a preview of the revised Form T1134, Information Return Relating to Controlled and Non-Controlled Foreign Affiliates, on November 27, accompanied by a notice to tax professionals. While the revised form will be officially released and published on Canada.ca in January 2021 and applicable to tax years that begin after 2020, no actual legislative changes to section 233.4 of the Income Tax Act (the Act), the provision that establishes reporting requirements regarding foreign affiliates, have been proposed to accompany such changes. The overhaul of the T1134 form stems from the CRA's policy of reviewing and updating its forms and administrative guidelines to clarify and enhance compliance requirements. Document ID: 2020-2829 |
