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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.
*Fees include one foreign affiliate and up to two shareholders. $400 applies per additional shareholder.
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.
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Recommended
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