Canada's Income Tax Act requires Canadian residents to report all worldwide income on their income tax returns. This includes offshore or foreign pension income.
We can help with the issue, as we are Canadian Tax Lawyers who have extensive experience in this area having assisted taxpayers in Canada and worldwide with their Canadian tax liabilities and residence determinations.
If you have failed to report pension income, speak to our Canadian income tax lawyers about the Voluntary Disclosure Program. Canada Revenue Agency’s VDP allows Canadian taxpayers to come forward and correct inaccurate or incomplete financial information, or to disclose previously unreported information, including unreported offshore pension income. By participating in the VDP, taxpayers can file their previously unfiled T1, T2, T1135, and other tax returns and eliminate civil income tax penalties and avoid criminal tax prosecution, and may be able to obtain interest relief on the amount they would owe if and when they are discovered by the CRA.
To learn more about Canadian Tax Lawyers visit: https://www.canadiantaxamnesty.ca/