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ARTICLE · 28 AUGUST 1998

Canada Streamlines Tax Reporting of Foreign Property

PwC Management Services LP
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CanadaAccounting and Audit

The 1995 Federal budget introduced extensive foreign property reporting requirements including a proposal for reporting of specified foreign property costing $Cdn 100,000 or more. Many Canadians objected to the requirement that residents provide detailed annual reports regarding such property. As a result, the government delayed implementation of the reporting requirement and asked the Auditor General of Canada to undertake an independent review of the $100,000 specified foreign property reporting requirements.

On June 5, 1998, the Auditor General tabled his report and concluded that the reporting requirement was the most appropriate mechanism to enhance compliance with the laws that require reporting of foreign-source income. The Auditor General requested that the government consider modifications to the reporting rule in order to reduce the compliance burden and address taxpayer concerns. The government reviewed the report and has accepted the Auditor General's

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