Reporting Foreign Assets
The CRA requires that Canadians who hold foreign assets (even with a Canadian brokerage) with a total cost of $100,000 or more at any point in the year report those assets every year (even if they did not produce any income) on a form called a T1135. The form requires detailed information and is fairly complex. The 2015 federal budget proposes a simplification to the foreign asset reporting system in certain cases. Learn more in our Tax Talk article by clicking here.
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