Multinational corporations will now have tighter T1134 deadlines.
The budget proposes to shorten the deadline for companies to file form T1134, "Information Return Relating To Controlled and Not-Controlled Foreign Affiliates" to six months after their year-end (from 15 months) for taxation years beginning after 2019. This significant change may create challenges for large multinationals that file multiple T1134 forms, since these companies must track down information from a variety of sources to complete the forms.
Corporations may wish to consider employing enhanced data-gathering tools and robotic process automation (RPA or "bots") to complete T1134s in time. KPMG's Tax Transformation & Technology team can help.
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