Canada Revenue Agency Reporting Requirements
A Canco which controls a Forco will have an obligation to submit certain special returns to the Canada Revenue Agency annually.
Failure to file such returns on a timely basis will expose Canco to significant penalties.
Any Canadian resident, whether a corporation or individual, with respect to which there is a “foreign affiliate” (“FA”) in a taxation year, must file form T1134 within 15 months after the end of that year with the CRA. An exception applies in connection with “dormant” FAs. Read more