Recent legislative changes to foreign reporting requirements for Canadian taxpayers requires the reporting of all specified foreign property owned during the year if the cost base of all specified foreign property exceeds $100,000 at any point during the year.

Any income earned during the year from the specified foreign property must also be separately reported.  Non-reporting of specified foreign property is subject to significant penalties up to a maximum amount of $24,000 per year where taxpayers knowingly fail to provide information. If you have any questions regarding the above or need assistance in gathering the information, please contact us.