Thank you for your question.

Based on the facts provided, this is likely something that should be corrected proactively. Since you missed reporting foreign income for the past 3 to 4 years, and your total foreign property appears to have exceeded CAD $100,000 in 2023 and 2024, there may be two separate issues:

1. Unreported foreign income on your Canadian tax returns
2. Possible missed Form T1135 filings for the years your foreign property exceeded CAD $100,000 cost amount

In many cases, this can be corrected by filing amended returns and any missing T1135 forms. However, if there is a risk of penalties, the Voluntary Disclosures Program (VDP) may also be worth considering. The right approach depends on the exact facts, including:

• whether CRA has already contacted you
• whether T1135 was missed
• the cost amount of the deposits each year
• the amount of tax owing, if any
• whether this was simply an oversight

Please note that VDP is generally used where there is a penalty exposure and the disclosure is voluntary and complete. If CRA has not contacted you yet, it may be better to address this sooner rather than later.

Because this requires a year-by-year review, we recommend booking a 30-minute paid consultation with Allan for $140 + HST so we can review your situation and advise on the best correction method. You can book here:
https://calendly.com/allanmadancpa

Also, please update the forum post with the above reply.

Suggested tags you can use:

• Foreign income
• India income
• T1135
• Voluntary Disclosures Program
• VDP
• Amended tax return
• Foreign reporting
• Canadian tax resident

Thank you,