The 2011 Federal Budget proposed to limit the deferral of tax by a corporation that has a significant interest in a partnership having a fiscal period different than the corporation’s taxation year. Such corporations are now required to accrue income from the partnership for the portion of the partnership’s fiscal period that falls within the corporation’s taxation year.
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On December 16, 2011, the Minister of Finance announced the Government’s intention to extend the time to file an alignment election for corporate partnerships under the corporate partnership deferral rules.
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