Misunderstandings in declaration of overseas assets | When do tax residents need to declare overseas assets? What are the consequences if the overseas assets are not declared in accordance with the regulations? What is the remedy? How much is the penalty for underreporting overseas assets? What is T1135? Canadian foreign income tax return.
Today I will take the story of Ryan, an international student, as an example to talk about a tax resident, no matter whether you are an international student or a work visa, if you do not declare overseas assets according to the regulations, how much it will do to you Impact. At this time, Ryan's immigration application was blocked because of an undeclared overseas asset.
In the video, we highlighted several issues:
1) The difference between tax residents and non-tax residents
2) When to declare overseas assets
3) Misdeclaration and concealment of overseas assets may be encountered Problems encountered and fines
4) How to declare overseas assets to reduce risks
5) How to correct problems in overseas asset declaration
6) What is the T1135 Overseas Assets Declaration Form?