Tax Memo: Functional Currency Election: Proposed Revisions and Extended Deadline

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On June 27, 2008, the Department of Finance issued a news release proposing measures to ease tax compliance for Canadian corporations that report earnings in a foreign currency. The changes will:

extend the deadline to elect functional currency tax reporting to October 31, 2008
make several technical changes to the functional currency reporting rules

Tax Memo: Functional Currency Election: Proposed Revisions and Extended Deadline (89 KB)
Download the full PDF Tax Memo.

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