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ARTICLE · 03 JUNE 2015

If It Quacks Like A Partnership, It Is A … Corporation?

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At the Canada Revenue Agency ("CRA") Roundtable session during the International Fiscal Association Conference on May 28, 2015, the CRA was once again asked to comment on the issue of foreign entity classification.

CanadaTax
Elan Harper
Elan Harper
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At the Canada Revenue Agency ("CRA") Roundtable session during the International Fiscal Association Conference on May 28, 2015, the CRA was once again asked to comment on the issue of foreign entity classification. In contrast to the CRA's usual response of merely reaffirming the use of the "two-step" approach, the CRA revealed several surprising insights about their views. The CRA indicated that they are currently analyzing entity classification for Florida and Delaware Limited Liability Limited Partnerships ("LLLPs") as well as Florida Limited Liability Partnerships ("LLPs"), none of which have previously been the subject of specific determination by the CRA with respect to their classification. The CRA also confirmed that they are accepting submissions in respect of the classification of these entities. Another unexpected revelation was when the CRA representative mentioned that they are considering a request from a taxpayer wanting to take the position that a

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