Accounting Question: Property declaration

[Colin Forrest]

My mother-in-law has some property in Asia which she would like to gift to her daughter. 1) Does she need to declare this/these gift(s) of property to CRA?
2) if the property value is above 100K is there any difference if it is income producing or not.
3) What are the circumstances that foreign property must be declared?

Thank you in advance for helping with these questions.

 

[Thomas Beyer]

Any Canadian must declare his/her world income and/or foreign assets over $100,000.

To my knowledge these gifts are quite common. But once owned by a Canadian there are tax and filing requirements such as CRA form T1134 or T1135.

Some links http://www.taxplanningguide.ca/tax-...n-3-investors/foreign-reporting-requirements/

http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/frgn/menu-eng.html

http://www.pushormitchell.com/2014/...x-implications-under-canadian-income-tax-act/