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hello I'm David Ross / a Canadian tax and business lawyer and today I'd like to share some information with you about the CRA form P 1134 so if you or your family members have a foreign corporation in which your ownership is 10% or greater than you are required to file a Form P 1134 with CRA if you have a Canadian corporation with a foreign affiliate that it is required to file the form P 1134 the form let's see are a know what your foreign structure is what your offshore corporations are what type of income you are reporting from those offshore corporations furthermore if you have a complex structure with offshore subsidiaries or affiliates then the t 1134 has to have schedules that report on all of those subsidiaries or affiliates so it's a very complex form to fill out and if you don't submit it on an annual basis you're subject to penalties what happens if you are there didn't file the t 11:34 or you got it wrong because it's so complicated well the CRA voluntary disclosure program

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