With the current economic environment many Canadians now see opportunities to invest outside of Canada. This has led to a small group of people who now own substantial foreign investments. Failure to report these investments (in excess of $100,000) can lead to stiff penalties. Jamie Golombek wrote a very interesting article on February 12, 2013 for Advisor.ca addressing this very issue. He outlines exactly what the penalties are for not filing the T1135 form and touches on two foreign investment court cases that have made recent news headlines. For anyone who owns investments outside of Canada (in excess of $100,000) this article is a must read. The full article can be found on the Advisor.ca website at the following link. Jamie Golombek | Why to report foreign investments
Should you have any questions about properly reporting your foreign investments please contact me or a member of my team.