Will CRA provide relief under ss. 220(3) and (3.1) where taxpayers are unable to timely file their T1134 forms, including situations where there is a lack of sufficient financial information available within the newly restricted (6 month) time period that will be required to complete and file the forms?
CRA indicated that the information should be available in the case of a controlled foreign affiliate. Where it is not, however, it should still be possible to file the T1134 on time but with some missing information – but bearing in mind that penalties could thereby apply, subject to relief in the reasonable efforts exception of s. 162(5)(a), or the due diligence exception of s. 233.5(c.2).
CRA will consider a request for relief in the form of extensions and waivers of penalties on a case-by-case basis – although it would expect that the Minister will require more than “they just shortened the deadline from 15 to six months!”