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What is Foreign Income Reporting T1135?

Understanding CRA's T1135 Reporting: Foreign Assets and Penalties Are you a Canadian taxpayer with over $100,000 in foreign assets? This video dives deep into the CRA's T1135 reporting requirements. Learn why the CRA wants to know about your foreign assets, the penalties for non-compliance, and the critical reporting deadlines. Discover the detailed process of filling out T1135 forms, including common mistakes and case studies where fines were incurred. We also cover special circumstances like new immigrants, investment properties, foreign trusts, and the Voluntary Disclosure Program. Ensure you stay compliant and avoid hefty penalties with this comprehensive guide. To know more: Discover how we can help: https://firefinancialinc.com/ Book a Call ☎️ with us: https://outlook.office365.com/owa/cal... 00:00 What is Foreign Income Reporting (T1135)? 00:39 Why does CRA want to know your foreign assets? 01:50 What happens if someone does not report the foreign income & assets 04:24 A Recent Case Study 05:11 What is the deadline for filing T1135? 05:57 What triggers a T1135 reporting? 07:59 Assets which must be included in T1135 from 11:37 Assets which are excluded from the T1135 form 14:23 How to fill the form T1135 23:45 Special cases in filling T1135 23:50 Requirement of T1135 for New Canadian Immigrants 24:14 Filing requirement of T1135 for Active Investor 24:47 Filing requirement of T1135 for inheriting a foreign asset 25:43 Filing Requirement of T1135 for Beneficiary of a Foreign Trust 26:14 Steps in case you didn't file T1135 Find us on: Facebook: /FIREFinancialinc Our Facebook Group:   / firefinancialinc   Host: Ahmed Mahiyan:   / ahmedmahiyan   Instagram:   / ahmed.mahiyan.cfa   Disclaimer: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Neither the Speaker and/or Host nor Fire Financial provide specific financial recommendations. Please consult a registered professional for any financial. This channel is not responsible for any financial actions taken by viewers based on these videos. #T1135 #ForeignAssets #Canada #CRA #Taxpenalty #taxevasion #Latefiling #howtofill #T1135instructions #canadiantax #avoidtax #canadiantaxpayers #Foreignassets #CRA_CanadaRevenueAgency #T1135form #ForeignIncomeReporting #PenaltiesforNoncompliance #DailyFines #ForeignStocks #rentalproperties #LifeInsurancePolicies #RRSPs_RegisteredRetirementSavingsPlans #TFSAs_TaxFreeSavingsAccounts #CaseStudy #SimplifiedvsDetailedReporting #newimmigrantsincanada #ActiveInvestors #InheritedForeignAssets #VoluntaryDisclosureProgram #TaxpayerReliefProgram #licensedprofessionalcounselor #Compliance