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ARTICLE · 19 JANUARY 2021

If You Have Foreign Entities, Get Ready For The New T1134 Forms For 2021

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The Canada Revenue Agency ("CRA") has released a preview of its new T1134 Summary and Supplement forms.

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Kenneth Keung
Kenneth Keung
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The Canada Revenue Agency ("CRA") has released a preview of its new T1134 Summary and Supplement forms. If anyone needs proof that international tax is a complicated subject, a quick glance at these new forms will clearly settle the matter. As a reminder, T1134 filings are mandatory annual filings for Canadians who have an interest in a foreign affiliate (which is generally a foreign corporation in which a Canadian, together with related persons, own 10% or more). For taxation years that begin in 2021, the T1134 forms are due 10 months after the end of the taxation year. The new T1134 forms require a great deal more disclosure compared to the previous version. Completing them properly requires the preparer to have a decent understanding of, sometimes obscure, Canadian international tax rules.

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