regarding T1135, when does a resident here in Canada on working visa need to start reporting their foreign property? Have a client, who is on working visa here for a few years, but have intention to move here. Last year finally got his PR status, so now he is sure he can stay in Canada. He been filing his tax returns, with SIN # start with 9, but he been told that he doesn’t need to report his foreign property (file a T1135) until he become a PR. He have property over $100,000 CAD. Was he advice correctly, meaning he need to start filing T1135 starting 2015 (since he got his PR in 2015), or should he file a voluntary disclosure to report T1135 since he became a resident for tax purposes (which was the day he landed)?
Thanks in advance,