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Canada

9 March 2017

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Canada Publishes CbC Reporting Guidance

The Canada Revenue Agency (CRA) has published Guidance on Country-By-Country Reporting in Canada. The guidance covers the particulars of Canada's CbC reporting requirements using form RC4649 Country-by-Country Report, which is required to be filed for fiscal years beginning on or after 1 January 2016 for MNE groups meeting a consolidated group revenue threshold of EUR 750 million in the previous year. The requirement to file applies for ultimate parent entities resident in Canada, surrogate parent entities if appointed, and constituent entities if conditions for secondary reporting mechanism are met. In general, the CbC report must be filed no later than 12 months after the last day of the fiscal year to which the report relates. However, in the event secondary reporting is required due to a systemic failure for exchange with a foreign jurisdiction in which a group's CbC report is filed, the CbC report will be due by a constituent entity in Canada within 30 days of receiving a notification of systemic failure.

In addition to covering the main requirements of CbC reporting in Canada, the guidance also covers various other CbC reporting issues, including the impact of currency fluctuations on the EUR 750 million filing threshold, requirements for fiscal years less than 12 months, change of ultimate parent during the fiscal year, and voluntary filing (parent surrogate filing) in other jurisdictions. With respect to voluntary filing, Canada will accept such filing in other jurisdictions as meeting its CbC reporting requirements provided certain conditions are met, including that a qualified competent authority agreement for CbC exchange is in effect between Canada at the jurisdiction of residence of the ultimate parent by the first deadline for the CbC report in Canada.

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