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ARTICLE · 09 FEBRUARY 2023

Specified Foreign Property & Beneficial Ownership – Form T1135

SpenceDrake Tax Law
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According to a decision of the Ontario Superior Court of Justice in Csak v. Aumon, 1990 CanLII 8070 (ON SC), at paragraph 8, a "beneficial owner is one who is the real owner of property...

CanadaLitigation, Mediation & Arbitration
Cris Best
Cris Best
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According to a decision of the Ontario Superior Court of Justice in Csak v. Aumon, 1990 CanLII 8070 (ON SC), at paragraph 8, a "beneficial owner is one who is the real owner of property even though it is in someone else's name. The nominal owner has legal title to the property but the real owner can require the nominal owner to convey the property to him and transfer legal title to him..."

In Chan v. The Queen 2022 TCC 87 [Chan], the primary issue was the beneficial ownership of specified foreign property (a bank account allegedly containing illegally procured funds) and the respective obligation to report it on the appellant's tax return.

Was the Canada Revenue Agency ("CRA") correct in assuming that the appellant held a beneficial interest in the specified foreign property sufficient to establish that he had to report it to CRA and was liable for related penalties? The appellant claimed that he was not the beneficial owner for the respective years and that he

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