Canadian Corporate Tax Filing Rules Amended
by Mike Godfrey, Tax-News.com, Washington
19 December 2011
Canada's corporate partnership tax deferral rules are to be amended to extend the time available to companies to file an alignment election.
The existing regime allows corporate partners to elect to align the fiscal period of their partnership with the taxation year of one of their corporate partners or, in the case of a tiered-partnership structure, to a common fiscal period for all partnerships in the structure.
Under current provisions, set out in the Keeping Canada’s Economy and Jobs Growing Act, some corporate partners would have had to file the election as early as September 23, 2011.
Instead, under the plans announced by the Minister of Finance Jim Flaherty, late alignment elections will be treated as having been filed on time if the election is filed on or before January 31, 2012.
In addition, the Income Tax Act will be amended and clarified to refer to the year “2012” rather than “2011”.
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