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ARTICLE · 29 JUNE 1998

Canada Confirms Requirement to Report Specified Foreign Property

PwC Management Services LP
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CanadaAccounting and Audit

PLEASE NOTE: THIS INFORMATION WAS ORIGINALLY SUBMITTED BY COOPERS & LYBRAND, CANADA

The 1995 federal budget proposed the introduction of new foreign reporting requirements for individuals, corporations, trusts and partnerships for taxation years beginning after 1995. Included was the proposal requiring the annual reporting of specified foreign property exceeding $Cdn 100,000 in cost.

The main impetus for this proposal was a growing perception that Canadians are able to escape Canadian taxation by making investments in tax havens. Canadians are investing offshore with increasing frequency and there are indications that some are not reporting their foreign income to Revenue Canada and are therefore not paying tax on that income. This violates the basic principle that residents of Canada are taxed on their worldwide income. It also creates inequities for taxpayers who are reporting all of their income from domestic and foreign sources because they must shoulder a greater

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