GloBE Country Guide: Canada

Summary

Status Enacted Law
LawOn June 20, 2024, the Global Minimum Tax Act (included in the Budget Implementation Act 2024, No. 1) received royal assent. This includes provisions to implement an IIR and a QDMTT from December 31, 2023.
Effective DateAccounting periods beginning on or after December 31, 2023
IIRYes (2024)
UTPRPlanned for 2025
QDMTTYes (2024)
Filing DeadlinesStandard
Safe HarboursTransitional CbCR Safe Harbour, Simplified Calculations for Non-Material Constituent Entities Safe Harbour and the QDMTT Safe Harbour

Contents
  1. Legislation
  2. General
  3. Differences to Model Rules
  4. Qualifying Domestic Minimum Top-Up Tax
  5. Administration and Filing
  6. Penalties

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