Global

Details

  • Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/29/2014

Canada - Streamline reporting of securities, trust accounts 

July 29:  The Canada Revenue Agency (CRA) announced that a streamlined aggregate reporting method for taxpayers having accounts with a Canadian registered securities dealer or Canadian trust companies will be available for 2014 and later tax years.

The streamlined reporting for 2014 and later tax years will be a variation of the aggregate reporting method currently in place for 2013, but will remove the T3/T5 reporting exception.


The CRA also released an updated version of the T1135 tax return, but indicated that it will accept the 2013 version of T1135 for the 2014 tax year—provided it is filed by 31 July 2014.


After 31 July 2014, taxpayers must use the new form for the 2014 or later tax years.


Read a July 2014 report prepared by the KPMG member firm in Canada: T1135 - Streamlined Reporting Extended to 2014




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