This is a question you must answer on your tax return.  If you say yes, you have to complete T1135 which outlines the value of the foreign property and the income derived from them.

Failure to report your worldwide income and assets will trigger a hefty penalty. The penalty for a late filed T1135 is $25 per day to a max of $2,500.  Ouch!

If you haven’t and should have filed a T1135, you can make a voluntary disclosure and beg for forgiveness by asking for the penalty to be waived.

Here is the link to the voluntary disclosure form.

Good Luck!

disclose