| If you own "specified foreign property", the total
cost of which exceeds $100,000 at any time during the year, you
will have to file Form T1135 which is an information return that is
filed with Revenue Canada and which is due by April 30th. "Specified
foreign property"
includes:
- foreign bank accounts
- other indebtedness
- shares of foreign corporations
- real and other tangible property and intangible property situated
outside Canada
excludes:
- property used or held exclusively in the course of carrying on an
active business
- funds invested in registered pension plans
- personal-use property
- shares in foreign affiliates
If you own "specified foreign property", you must report any income
therefrom, regardless of whether or not the total cost exceeds $100,000.
These new foreign reporting requirements are also applicable to
corporations, trusts and partnerships.
Tax Breaks for Charitable Donations
General Tax Planning Tips
RESP's
The New Foreign Reporting Requirements
Tax Planning for the Owner/Manager
Loans to a Spouse
Consider Buying Assets Before the End of the Year
Pension Adjustment Reversed (PAR)
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