When it comes to taxes many individuals have the tendency just to report their income and a few other expenses that they have become accustomed to collecting, such as medical expenses or property taxes. However, if you have assets outside of Canada you could have additional reporting obligations that you may be unaware of. The CRA’s Form T1135 requires certain taxpayers to provide information about their foreign property. If you are a resident of Canada and have over $100,000 CAD in Specified Foreign Property at any point in the year then you meet the basic requirements in filing the T1135. As with most items, there are exceptions that change the filing requirements or make you exempt from filing... [read more]