Misconceptions about reporting overseas assets | When do tax residents need to report overseas assets? What are the consequences if overseas assets are not reported as required? What are the remedies? How much is the penalty for not reporting overseas assets? What is T1135? Canadian tax return on overseas income.
Today, I will take the story of Ryan, an international student, as an example to talk about how a tax resident, whether you are an international student or a work visa holder, will be affected if you fail to declare your overseas assets as required. 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) Time for reporting overseas assets
3) Problems and penalties that may arise from misreporting or concealing overseas assets
4) How to declare overseas assets to reduce risks
5) How to correct problems in overseas asset declaration
6) What is the T1135 Foreign Assets Declaration Form?
