2022 T1134 Update & Refresher on T106/VDP

The seminar offers an in-depth overview of complex foreign reporting and filings for Canadians such as the “New - 2022 ” T1134 filings to report investment in foreign affiliates, T106 filings to report transactions with related Non-Residents. 

The seminar discusses possible penalties for failure to file, some tips, some traps and how to identify possible tax issues when completing these complex forms. In addition, we will discuss the red flags that can raise a CRA audit. The seminar also offers an overview of the CRA’s voluntary disclosure program (VDP). We will discuss the purpose and objective of VDP, conditions of a valid application and the two categories of VDP.  

Learning Objectives

Upon completing this seminar, you should be able to: 

·        Principal and purpose of VDP and the five conditions for a valid VDP application 

·        Limited and general program under the VDP 

·        Overview of Form T1134 filings requirements and obligations  

·        How to identify tax issues and exposures when preparing/reviewing T1134, T106 foreign reporting forms 

·        Step by step guide to preparing T1134 and T106

·        What to look for when preparing these forms and how to identify CRA audit red flags?