Canada Revenue Agency releases preview of revised T1134 form

Executive summary

On 27 November 2020, the Canada Revenue Agency (CRA) released a preview of the revised Form T1134, Information Return Relating to Controlled and Non-Controlled Foreign Affiliates, accompanied by a notice to tax professionals.

While the revised form will be officially released and published on Canada.ca in January 2021 and is applicable to taxation years that begin after 2020, no actual legislative changes to section 233.4 of the Income Tax Act (the Act), the provision t…