Hello everyone,
My cousin currently was preparing his tax returns and found some questions really made him concerned. When he used this Ufile to file taxes, he was always asked whether he owns foreign property over $100,000. He is so confused if he needs to report the foreign property and file the T1135, since he has rental property from another country which worth more than $10k.
Regards to his background, he is an international Phd student, and he is living with his common law spouse who is also an international student.
Please can anyone help out if he have to file the T1135 and report the rental incomes?
If yes, will he suffer the penalty since he owns this property for two years, but he didn't file the T1135 last year.
Thanks a lot.
My cousin currently was preparing his tax returns and found some questions really made him concerned. When he used this Ufile to file taxes, he was always asked whether he owns foreign property over $100,000. He is so confused if he needs to report the foreign property and file the T1135, since he has rental property from another country which worth more than $10k.
Regards to his background, he is an international Phd student, and he is living with his common law spouse who is also an international student.
Please can anyone help out if he have to file the T1135 and report the rental incomes?
If yes, will he suffer the penalty since he owns this property for two years, but he didn't file the T1135 last year.
Thanks a lot.