It is required that clients with over $100,000 in foreign property file a T1135 form. It is crucial for accountants to acquire relevant and complete information due to the complexity level of this form. The $100,000 threshold was planned to be increased; however, the Liberal government may not change this limit.

There is currently an agreement in the works between Canada and the US to share information on who is travelling between the two countries. In due time, the US government will have the ability to know how long Canadian snowbirds are staying in the US and whether they have overstayed their welcome.

In recent news, two Canadian women are suing the Attorney General of Canada in Federal court claiming that the Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act is a violation of their fundamental rights and freedoms.

The two women, Virginia Hills and Gwendolyn Deegan, are considered 'US Persons' under American law; Virginia and Gwendolyn claim that the Canadian government unconstitutionally shared their private banking information with the US Internal Revenue Service.