Share with your friends

U.S. Announces Additional Relief Affecting Canadian CFCs

US Announces Additional Relief Affecting Canadian CFCs

Canadian companies that are controlled foreign corporations (CFCs) may benefit from new U.S. tax reporting relief.


Related content

​Specifically, the amount of information that certain Canadian companies that are CFCs must provide to certain U.S. shareholders may be significantly reduced, as a result of proposed changes to relax the U.S. tax reporting requirements for these shareholders. These changes were released by the U.S. Treasury Department and IRS on October 1, 2019 in proposed regulations and Revenue Procedure (Rev. Proc.) 2019-40, respectively.

Download this edition of the TaxNewsFlash to learn more.

© 2020 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 15 Canada Square, London, E14 5GL, UK.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

Connect with us


Want to do business with KPMG?


loading image Request for proposal