Canadian companies of qualifying multinational corporate groups now have a form and guidance with respect to preparing country-by-country (CbC) reports for filing in Canada.
The Canada Revenue Agency (CRA) released Form RC4649, Country-by-Country Report, that sets forth information that multinational corporations will need to report to comply with Canada’s new CbC reporting requirements. Form RC4649 is consistent with Organisation for Economic Co-operation and Development (OECD) recommendations, and clarifies what information companies must report to the CRA—including revenue, income taxes paid, and the main activities of related entities—and how that information is to be reported. The form is accompanied by five pages of instructions.
Canada’s CbC reporting rules (enacted in 2016) are intended to enhance tax transparency and to provide adequate information to conduct transfer pricing risk assessments. CbC reporting is required for tax years beginning after 2015, with the first automatic exchanges of information between governments slated to begin by June 2018.
Read a February 2017 report [PDF 78 KB] prepared by the KPMG member firm in Canada
© 2017 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.