Canada, like many other countries, has what is referred to as “Foreign Reporting”. Foreign Reporting is when a Canadian resident, or a Canadian company, owns non-Canadian assets.
For many individuals, owing and renting out a U.S. vacation property will trigger these reporting requirements.
The rules that determine what is a foreign asset are detailed. It is typical that individuals need assistance in identifying reportable assets and determining what other information must be reported. These forms do not generate income. They are designed to ensure that you are reporting your worldwide income.
Foreign Affiliates & Non-Resident Trusts
If your company has a foreign affiliate or you are part of a non-resident trust, you may also have a foreign reporting requirements. KMA can help you identify if you have a reportable asset and guide you through the process of fulfilling your foreign reporting obligations accurately.