ARTICLE · 29 OCTOBER 1997

New Revenue Canada Foreign Affiliate Reporting Forms

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PLEASE NOTE: THIS INFORMATION WAS ORIGINALLY SUBMITTED BY COOPERS & LYBRAND, CANADA

Earlier this month, Revenue Canada released in electronic form the final version of its new foreign affiliate reporting forms. The paper version of the forms will be available at Revenue Canada Tax Services Offices by early November.

All Canadian taxpayers holding interests in non-resident corporations or entities which are foreign affiliates must provide Revenue Canada with a description of the business activities of such foreign affiliates and related financial information. Details concerning non-controlled foreign affiliates must be reported on the new T1134-A form and details concerning controlled foreign affiliates must be reported on the new and more comprehensive T1134-B form. Taxpayers holding interests in "dormant" or "inactive" foreign affiliates (defined as a foreign affiliates with gross receipts of less than $10,000 and assets with a fair market value of less than $100,000 in a

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