Whether you were born in Canada or have recently moved here, if you have any investment portfolio (including foreign currencies) in a primary market which is outside Canada, with a value in excess of $100,000 in Canadian dollars then you must disclose that foreign assets in income tax return filling. Foreign assets include any foreign bank accounts, estate property, stocks, company shares, and many more. Failure or improper reporting of foreign assets can consider to be tax evasion and hit you through penalty by CRA. This is very crucial and one that certainly you do not want to be charged.

To know if you are eligible for foreign assets tax file. Get in touch with our professional.