Mar 7, 2018 - ... may wish to consider employing enhanced data-gathering tools and robotic ... analytics, visualization,
Is it Time to Automate T1134s? March 7, 2018 No. 2018-09 Multinational corporations that are required to file a T1134 form for foreign affiliates will now have tighter deadlines under changes proposed in the 2018 federal budget. 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 yearend (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.
Automating T1134 filing KPMG’s Tax Transformation & Technology team can assist with the electronic extraction, management, and transformation of the data needed to complete T1134 returns in time to meet the current and shortened deadline. We can analyze financial data and other required information to ensure completeness and accuracy by employing analytics, visualization, and data reconciliation techniques. KPMG can help corporations reduce the time spent on gathering, consolidating, analyzing and reporting data through greater automation, including robotic process automation. Using bots, we can automate the preparation of T1134 returns, as well as other returns or elections required in a tax filing.
Page 1 of 2
TaxNewsFlash – Canada Is it Time to Automate T1134s?
March 7, 2018 No. 2018-09
Contact us For details on how KPMG’s Tax Transformation & Technology team can help you manage your T1134 filing obligations, contact: Gino Piazza Partner Tax Transformation & Technology 416 777 8866
[email protected]
kpmg.ca
Contact Us | KPMG in Canada Privacy Policy | KPMG On-Line Privacy Policy | Legal
Information is current to March 6, 2018. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour 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 upon such information without appropriate professional advice after a thorough examination of the particular situation. © 2018 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Page 2 of 2
