T1134 Form Updates
T1134 Filing Deadline Change
On October 25, 2018, the Department of Finance released a Notice of Ways and Means Motion that included changes to the filing deadline for filing Form T1134. Form T1134, an information return for taxpayer’s with investments in non-resident corporations (known as foreign affiliates). Historically, a taxpayer had up to 15 months after its year-end to file Form T1134. The new deadlines are now 12 months after a taxpayer’s year-end for taxation years beginning after 2019, and to 10 months for taxation years beginning after 2020.
Originally, the Department of Finance proposed making it a 6 month deadline to match up with a Canadian-controlled private corporation’s T2 filing deadline so it’s not as bad as it could’ve been.
For more information about tax accounting, auditing and tax services, contact the professional accounting team at Hogg, Shain & Scheck.