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In December 2014, the Canada Revenue Agency (CRA) issued a letter to some Canadian taxpayers to remind them of the criteria for filing a T1135-Foreign Income Verification Statement and to review their income tax filings to ensure they have been properly reporting the relevant offshore assets and income. The T1135 was extensively revised as of 2013 and is required to be filed by Canadians with offshore assets with a cost of at least $100,000. The CRA has advised income tax professionals that the receipt of this letter will not preclude the taxpayer from making a valid VDP submission provided the taxpayer is not aware of any enforcement actions set to be conducted by the CRA or any other authority or administration with respect to the information being disclosed to the CRA.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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