CRA discusses EIFEL filing and election procedures absent forms, and waives the requirement for a s. 18.2(6) return

CRA has published a Webpage on the EIFEL (excess interest) rules. In addition to providing a basic overview of the rules and briefly explaining why it might be advantageous to make various of the available elections, CRA makes the following administrative announcements:

• Although the EIFEL reporting is required to be made largely on Sched. 130, this form is not yet available. However, CRA still requires the same information to be provided to it with the return, and explains the procedures it would like to be followed in this regard pending its release of the Schedule.
• The various election forms are also not available, so that, until then, a separate election should be sent in for each election.
• Although s. 18.2(6) requires the transferee of cumulative unused excess capacity pursuant to a joint election with the transferor to file an information return, CRA states that it “is not requiring the filing of this information return at this time.”

Neal Armstrong. Summaries of CRA Webpage, “Excessive interest and financing expenses limitation rules,” 24 September 2024 under s. 18.2(18), s. 18.2(4), s. 18.2(16), s. 18.2(1) – specified pre-regime loss, and s. 95(2)(f.11)(ii)(E).