Foreign Property Reporting
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Define specified foreign property.1
- Identify that there are reporting requirements for Canadian resident individuals, corporations and certain trusts that own specified foreign property costing more than $100,000.
- Explain that an individual who is classed as a dual resident for tax purposes between Canada and a foreign nation may be subject to double taxation because of differences in tax legislation between the countries.
Glossary of Verbs (mouse over to see definition)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally