Elimination of Tax Deferral

Elimination of Tax Deferral – Partnerships and Joint Ventures

As a result of the 2011 Federal Budget the government has proposed to eliminate the tax deferral for corporations that have a significant interest in a partnership. Also on November 29, 2011, the CRA announced that joint ventures will no longer have a fiscal period. Therefore we will now have to report the income from joint ventures and partnerships up to the year end of the company.

For more information, see http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/dfrrl/menu-eng.html.

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