News and Insights

CRA Issues Simplified Filing Procedures Regarding the Election for Nil Consideration

Tax Development Apr 30, 2015

As discussed in our Tax Development in December 2014, the Canada Revenue Agency (“CRA”) issued new filing requirements for the nil consideration election among qualifying Canadian resident corporations and Canadian partnerships.

The CRA has now clarified where elections with different effective dates existed prior to January 1, 2015, members have two options for filing the new Form RC4616: 

  • specified members may file one form with an effective date of December 31, 2014 – this will not cancel the validity of the previous effective date; or
  • separate forms may be filed for each original election with different effective dates.

For further information, please see CRA’s Excise and GST/HST News No. 95.