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The document provides detailed instructions for completing the T106 Summary and Slips, which are annual information returns required for reporting non-arm's length transactions between Canadian reporting persons or partnerships and non-residents under the Income Tax Act. It outlines who must file, when to file, what to include in the return, penalties for late or incorrect filings, and definitions of key terms related to reportable transactions. The T106 is applicable for tax years starting from 2022 and includes specific guidelines on monetary amounts, functional currency reporting, and transfer pricing methods.

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Versions	Form popularity	Fillable & printable
2022	4.7 Satisfied (33 Votes)
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2011	4.4 Satisfied (45 Votes)

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What is T106 non arms length?

Form T106 is required as it discloses a corporations transfer pricing information to the Canada Revenue Agency (CRA). The CRA uses the information provided in the T106 to screen non-arms length transactions for review and audit. A corporation must complete a separate T106 for each non-resident.

What is a T106 return of capital?

The T106 Return must be filed when total transactions during a taxation year between a reporting person, which may be a corporation (including the Canadian branch of a nonresident that must report transactions with other non-arms length nonresidents), individual or trust, or a partnership, and all non-arms length

What is the penalty for filing T106 late?

Subsection 162(7) (Failure to Comply) provides for a late-filing penalty up to $2,500 per late-filed T106 Slip.

What is an example of a non arms length transaction?

By contrast, a transaction would not be arms length if the buyer and seller are personally relatedsuch as family members or personal friends. Transactions between related businesses, such as those made between a parent company and its subsidiary, would also not be arms length.

What is a T106 return?

The T106 Summary and Slips are annual information returns used to report non-arms length transactions between reporting persons or partnerships and non-residents under section 233.1 of the Income Tax Act (Act).

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