Foreign Reporting Checklist (2024)

To help us determine whether you are required to file any of the forms relating to these reporting requirements, we ask that you answer the following questions. It is very important that you carefully consider these questions when answering them. There are substantial penalties that will apply if the forms are not filed on time or filed incomplete.

If you answer NO to all four questions, this indicates to us that you will not have to complete any of the forms.

If you answer YES to one or more of these questions, you may have to complete one or more of the forms.

Did you own or hold foreign property (i.e. assets located outside of Canada) at any time during the year with a total cost of more than $100,000?(Required)
Foreign property includes assets such as bank accounts, shares of Canadian companies held through a foreign broker, shares in non-resident companies (even if held in a Canadian brokerage account), foreign real estate (except for vacation property owned strictly for personal use) and loans to a person not resident in Canada. Do not consider assets held in your RRSP/PRPP, RRIF or TFSA when answering this question.
Do you, together with related persons (including individuals, corporations or trusts), own 10% or more of the shares of a company that is not resident in Canada (i.e. a foreign affiliate)?(Required)
Note that this would include any shares you hold indirectly, such as through a Canadian corporation. In addition, certain non-resident trusts in which you, together with related persons, have a 10% or more interest are deemed to be non-resident corporations (and therefore will also be foreign affiliates).
Have you ever transferred property or made a loan to a trust that is not resident in Canada?(Required)
A trust will be considered to be not resident in Canada if management and control of the trust is exercised outside Canada. When answering this question, consider loans and transfers made at any time, even in prior years.
Have you received a distribution or loan from a trust that is not resident in Canada during the year, or were you, at any time in the taxation year, indebted to a trust that is not resident in Canada?(Required)
For example, did you receive a distribution from an offshore trust set up by a non-resident family member?
Keep in mind that if you answer NO to all of the above questions, we will assume that you do not have any requirement to file the forms and will not be contacting you for any further information. Therefore, if you do not understand any of these questions, please contact us for clarification as to how the reporting requirements affect you.
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