CRA penalizes new immigrants who were late reporting foreign property

Canadian taxpayers who own, but fail to report, certain foreign property continue to get hit with harsh penalties from the Canada Revenue Agency for either non-filing, or late-filing, of the dreaded Form T1135 , Foreign Income Verification Statement.

While some taxpayers simply pay the penalty and move on, others may choose to challenge the penalty, first by writing to the CRA begging for relief, and, if unsucces...