In accordance with the Canadian Income Tax Act, Canadian residents are required to report all Income for Tax Purposes including offshore assets in excess of $100,000. In addition to reporting foreign income, Canadians are taxable in Canada on that income. If you fail to report your foreign income, CRA considers this tax evasion and is punishable by fine or even jail time. Make sure to report all income in a timely manner, it will save you in the long run.
