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1. Canada

Monetary threshold for LF preparation
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Not applicable
Preparation deadline
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By the due date for filing the company’s tax return, which is within 6 months after the end of the fiscal year.
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Reference: Subsection 247(1) of the Income Tax Act
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Submission deadline
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Within 3 months of a request by the tax authorities.
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Reference: Transfer Pricing Memorandum 05R2
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Language
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English or French
Penalty
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A penalty of 10% of the transfer pricing adjustment may be imposed.
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Reference: Subsection 247(3) of the Income Tax Act
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