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Form T1134 consists of a T1134 Summary and a T1134 Supplement section to be completed in respect of each Foreign Affiliate. The revised Form T1134 is applicable for taxation years beginning in 2021 or later, and is due 10 months after the Reporting Taxpayer’s taxation year.
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What do you need to know?
Form T1134 is an annual information return that must be filed by a Canadian-resident corporation, individual, trust or certain partnerships (Reporting Taxpayer(s)) that own(s) a foreign affiliate (FA) at any time during the year.
Form T1134 has been substantially revamped and doubled in size with more detailed questions. The CRA has increased the emphasis on accuracy and completeness, with significant penalties at stake for those who do not file on time.
The resulting change for a typical taxation year of a Reporting Taxpayer (starting on January 1, 2021 and ending December 31, 2021) must be filed with the CRA by October 31, 2022, in respect of any FAs held at any time during the year.
Fines and Penalties
Failure to comply with these requirements may result in significant penalties. Reporting Taxpayers who fail to meet the filing deadline are subject to a penalty of $25 per day, with a minimum penalty of $100 and a maximum of $2,500 for each late-filed T1134 Supplement, or each late-filed T1134 Summary where all FAs are dormant / inactive. Moreover, if the Reporting Taxpayer fails to file—either knowingly or due to gross negligence—the penalty is $500 a month to a maximum of $12,000. These amounts are doubled when the CRA has issued a demand to file a return. After 24 months, the total penalty is 5% of the cost of the shares and indebtedness of the FA.
Trusted by Canadians.
Badir Lamidi has done my taxes on two occasions and he is excellent! His work is thorough and he offers good advice. He is very professional while remaining friendly, personable. I was surprised by how quickly he completed my return and, in my case, managed everything online so I didn’t have to do any thing or go to any appointments. I recommend him highly.
Tamalyn Mckean, Project ManagerI’ve had such a great experience working with Badir! He makes the process simple, quick, and easy. He also followed up with me when I was falling behind sending in my returns which was super appreciated. Highly recommend working with Canada ImpoTax Pro.
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He was able to work around my busy time table and prompt with scheduling to my needs.
More of a personalized experience than I’ve had in the past.
Recommended
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Claire Middleton, Certified Somatic Sex EducatorThank you Badiro for the great job, i appreciate your professionalism and thank you for the time you spent on my tax return and for all your advice. I will definitely need your services next year and will not hesitate to refer you to my friends and family.
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