Tax authorities such as the Canada Revenue Agency (CRA), Internal Revenue Service (IRS), and other tax authorities worldwide are closely scrutinizing transfer pricing and have started spending more time analyzing transfer pricing procedures. According to the CRA, organizations are allowed to put forth complete transfer pricing documents within three months from the date of a written request. However, organizations must ensure that their documentation is updated or prepared annually at year-end.
If your transfer-pricing documentation is incomplete, you may face high monetary penalties. Such penalties and any interest accrued on such penalties are not subject to tax-deductions in Canada.
BGD provides professional assistance on all your transfer pricing needs, which include:
- Preparing contemporaneous documentation;
- To obtain advance pricing agreements;
- Review of current transfer pricing practices;
- Defense of transfer pricing audit by CRA or other tax authorities; and
- Assessment of risk involved in transfer pricing.
At BGD, we have experienced tax accountants with immense experience in addressing transfer-pricing issues. We can help you understand the rules and regulations of transfer pricing in Canada. It is imperative for your organization to be compliant with Canada’s transfer pricing legislation and our professional team will guide you through the process.
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