Tax Rules – Foreign Reporting of your holdings

Did you know that if you have more than $100,000 in foreign assets you need to complete form T1135.  This applies if you had them at any time during the year.   This also applies to foreign assets held in your Canadian Investment and RRSP accounts so be sure to check closely, as well as foreign real estate, business interests, investments held in foreign banks and with foreign investment companies.  Fines of up to $2500 per occurance may be applied if you fail to file this return.

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