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Step-By-Step Guide to Preparing T1134 Returns - Tips & Traps

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Before starting this self study program, please go through the instructional document.

Overview

  • How does the CRA uses T1134 returns as an Audit tool?
    3 mins
  • Filing requirement - Form T1134
    15 mins
  • New Immigrants - T1134 Execption
    27 mins
  • Tips and Traps #2 Foreign affiliate Dumping
    40 mins
  • Section 4 A - surplus accounts
    80 mins
  • Walkthrough of T1134 Supplement: Part III - Nature of Income of Controlled FA
    88 mins

Course Description

The Canadian Income Tax Act levies income tax on the worldwide income of resident Canadians. Multinational business structures are efficient, from both an operational and financial standpoint, and are often necessary in order to transact with certain entities located outside Canada. However, the practical difficulties associated with monitoring international investment and business activities cause headaches for Revenue Canada. To help combat this issue, the Income Tax Act requires Canadian taxpayers to report income that stems from, foreign affiliates.

Do you have to file such a return?

Form T1134 consists of a summary and supplements. A separate supplement must be filed for each foreign affiliate (non-resident corporation or non-resident trust) of the taxpayer or partnership. 

The continuing professional development course offers an overview of completing T1134 - Information Return relating To Controlled and Not-Controlled Foreign Affiliates (T1134).

The online CPD course will discuss the possible traps and how to identify tax issues with completing T1134.

The online CPE/CPD webinar provides a practical perspective on filing T1134 forms and what are some of the red flags that can raise a CRA audit. The online CPE/CPD course also includes a walkthrough of T1134 summary and slip.

This online CPD webinar covers the following key topics-

  • Overview of Form T1134 filings requirements and obligations
  • Completing T1134 summary form – Section I, II & III
  • Completing T1134 slips – all parts and sections
  • How to identify tax issues and exposures when preparing/reviewing T1134
  • Transactions with Foreign affiliates
  • Upstream loan tax implications and foreign affiliate dumping
  • Dividend and Surplus pools
  • Foreign accrual property income (FAPI)
  • Identify CRA audit red flags when preparing T1134


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Learning Objectives

  • To discuss filling requirement for Form T1134
  • To discuss tips and traps for preparing T1134 
  • To discuss how T1134 returns are used as audit tools by CRA
  • To discuss red flags for a CRA audit?
  • To elaborate meaning of controlled foreign affiliate
  • To discuss multiple stub periods 
  • To discuss due dates for filing T1134
  • To discuss the penalties for late filing, failure to file, false statement or omission

Who Should Attend?