At the 26 May 2016 IFA International Tax Conference, the Canada Revenue Agency (CRA) has confirmed that limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs) established in Delaware and Florida are to be treated as corporations for Canadian tax purposes. The CRA will also accept that an existing LLP or LLLP is a partnership if it is clear that the members are carrying on business in joint with a view to profit, all members and the LLP or LLLP have treated it as a partnership for ITA purposes, and the LLP or LLLP converts to a “true” partnership before 2018.
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PGA Highlights: May 2016
PGA Highlights: May 2016
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