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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.
Form T1134
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
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