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CRA is proposing changes to its Voluntary Disclosure Program (VDP). In response, Knowledge Bureau submitted the following comments for government review in advance of the August 8, 2017, consultation deadline:
If your clients own assets abroad, they must submit Form T1135 Foreign Income Verification Statement to CRA to disclose whether they had “specified foreign assets” held during the year, if the total cost at any time exceeded $100,000 Canadian.