Multinationals — Prepare now for expanded foreign affiliate reporting
Prepare now for expanded foreign affiliate reporting
Multinational corporations in Canada will have to provide additional information on their foreign affiliates after 2020
Many multinational corporations resident in Canada will have to provide additional information on their foreign affiliates for taxation years beginning after 2020. The CRA recently released a preview of the revised Form T1134, “Information Return Relating to Controlled and Not-Controlled Foreign Affiliates”, that includes additional questions and more detailed requests than in the past. The CRA says the new form, which has been expanded to 12 pages (from six), will be published in January 2021 and will apply to filings for taxation years that begin after 2020.
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