Tax Alert – Canada
Finance tables NWMM and adjusts T1134 deadline
No. 38, 29 October 2018
On 25 October 2018, federal Finance Minister Bill Morneau tabled a notice of ways and means motion (NWMM) that includes most of the draft legislative proposals released on 27 July 2018 relating to outstanding measures announced in the 2018 federal budget, a revised version of the amendments concerning foreign spinoffs and the shareholder benefit rules, and some indirect tax measures. The NWMM also includes various other previously announced income tax and GST/HST legislative proposals. It takes into account comments received since the previous release of the draft legislative proposals and, most notably, addresses concerns raised over the 2018 federal budget proposal to shorten the filing deadline for information returns in respect of a taxpayer’s foreign affiliates (Form T1134, Information Return Relating to Controlled and Not-Controlled Foreign Affiliates).
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