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Florida and Delaware LLPs and LLLPs to be taxed as corporations, Canadian tax officials say

May-31-2016

Lawyer Kabir Jamal
Area Tax

Summary

Article originally published in the Multinational Tax & Transfer Pricing News, May 2016

Excerpt from "Florida and Delaware LLPs and LLLPs to be taxed as corporations, Canadian tax officials say":

The Canada Revenue Agency (the CRA) on May 26 announced that it will treat Florida and Delaware LLPs and LLLPs as corporations for Canadian income tax purposes. The CRA also announced limited administrative relief for taxpayers that have adopted a contrary position in previous tax filings. The announcement, made at the 2016 IFA Conference in Montreal, Quebec, follows extensive analysis and calls for submissions from the Canadian tax community on the issue.

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