Moved to Canada in 2016. Did not file T1135 for 2016 because of exemption for first year in Canada.But but 2016 tax return is still not assessed and still waiting on it (latest ETA 15 Jun).
For 2017, filed T1135 however I made a mistake, I failed to consider some funds in a term deposit that did not show in my bank statement, Since the remaining funds were less than $250K, i used the simplified reporting format. But I should have used the detailed format because when I include the term deposits, the total cost goes well beyond 250K. It was an honest mistake and I had no intention to cheat on taxes.
Now, should I amend the T1135? My 2017 return has been assessed and I can NETFILE the T1135 amendment. However I'm worried that CRA will assess me for gross negligence and fine the maximum penalty of $24,000 that is possible. I cannot do voluntary disclosure since 1 year has not passed. Please advise.
For 2017, filed T1135 however I made a mistake, I failed to consider some funds in a term deposit that did not show in my bank statement, Since the remaining funds were less than $250K, i used the simplified reporting format. But I should have used the detailed format because when I include the term deposits, the total cost goes well beyond 250K. It was an honest mistake and I had no intention to cheat on taxes.
Now, should I amend the T1135? My 2017 return has been assessed and I can NETFILE the T1135 amendment. However I'm worried that CRA will assess me for gross negligence and fine the maximum penalty of $24,000 that is possible. I cannot do voluntary disclosure since 1 year has not passed. Please advise.