6 February 2017
On 3 February 2017, the Canadian Revenue Agency published the form and instructions for submitting Country-by-Country (CbC) reports. Canada's CbC reporting requirements were adopted the end of 2016 and are generally in line with BEPS Action 13 guidelines (previous coverage). The requirements apply for fiscal years beginning after 2015 for MNE groups meeting a consolidated group revenue threshold of EUR 750 million in the previous year. The requirement applies for ultimate parent entities resident in Canada, as well as non-parent constituent entities if certain conditions are met.
When required, the report is due within 12 months following the close of the fiscal year concerned. In the event there is a systemic failure for the exchange of a CbC report from the ultimate parent's jurisdiction, a Canadian constituent entity will be notified, and a CbC report will be due within 30 days of notification. Failing to complete and file the CbC report by the due date will result in penalties of up to CAD 1,000 per month.
Click the following link for RC4649 Country-by-Country Report, which includes both basic and fillable/saveable versions of the form.
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