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Penalties for Not Reporting Foreign Assets on Your Canadian Tax Return

Junaid Usmani (Partner) discusses a common question people ask: "I have a lot of money I would like to bring to Canada, are there any tax consequences as result of that?" There are no consequences for bringing money into Canada, however, there are very significant penalties for you not having reported foreign assets in your Canadian personal income tax return. If you own foreign assets that you've failed to report on your personal tax return, the Canada Revenue Agency (CRA) has a program called the Voluntary Disclosure Program, which is designed to forgive people when they've made an honest mistake and they come forth to the CRA directly. The key to this is to report these assets before they contact you about them. So if you find yourself in this situation the best way to go about it is to consult professionals and seek professional advice as soon as possible. At SRJ we have helped many people who have failed to report their foreign assets on their personal income tax returns. If this situation applies to you please contact one of our partners so that we can help you go through this process and make sure everything is handled with due care. SRJ Chartered Accountants 330 Bay Street, Suite 1400, Toronto, ON M5H 2S8 647-725-2537 416-981-7979 www.srjca.com