Canadian bonds and equities down, offset by funds' offshore holdings, StatsCan reports
New Form T1135 provides compliance relief for those with foreign property worth less than $250,000
Change brings relief for investors with relatively modest foreign property holdings
Although concerted lobbying effort led to a temporary reprieve for T1135 reporting in the 2013 taxation year, a more permanent solution is required
Jamie Golombek, managing director of tax and estate planning of the Canadian Imperial Bank of Commerce’s wealth advisory services division in Toronto, discusses the CRA’s announcement of a transitional rule for reporting "specified foreign property" exceeding $100,000. Golombek offers tips on the transitional tax strategy and explains changes to the Foreign Income Verification Statement. He spoke at the TMX Broadcast Centre in Toronto.
The CRA will permit streamlined reporting for the 2013 tax year
Urs Zulauf to support bank in tax compliance
Canadians who fail to report their foreign assets properly will run afoul of CRA
New rules will add to filing burdens for honest taxpayers
Changes will extend time for reassessment and form T1135