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INTRODUCTION

Canada is a North American country that extends from the Atlantic Ocean in the east, to the Pacific Ocean in the west, and borders the United States to the south.

The Canadian government system is a parliamentary democracy, a federation and a constitutional monarchy. The country has a market economic system in which the prices of goods and services are determined in a free price system. Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards.

Canada's primary economic sectors include manufacturing, mining, oil and gas, and service sectors, as well as one of the most stable banking sectors in the world. The country's main trading partner is the US, which absorbs nearly 80% of Canadian exports each year.

Currency is Canadian Dollar (CAD)

Abbreviations

ABI Active Business Income
APA Advance Pricing Agreement
BEPS Base Erosion and Profit Shifting
CAD Canadian Dollar
CCA Capital Cost Allowance
CCPC Canadian Controlled Private Corporation
CRA Canada Revenue Agency
CRS Common Reporting Standard
CUP Comparable Uncontrolled Price
DTA Double Tax Agreements
DRA Dividend Rental Agreements
ECP Eligible Capital Property
FAPI Foreign Property Accrual Income
FATCA Foreign Account Tax Compliance Act
GST Goods and Service Tax
HST Harmonized Sales Tax
LLC Limited Liability Company
LLP Limited Liability Partnership
LLLP Limited Liability Limited Partnership
MNE Multi-National Enterprise
OECD Organization for Economic Cooperation and Development
PE Permanent Establishment
PST Provincial Sales Tax
SBD Small Business Deduction
SEA Synthetic Equity Arrangements
SR&ED Scientific Research and Experimental Development
TP Transfer Pricing
US United States of America
VAT  Value Added Tax
WHT Withholding Tax