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Foreign property and income verification
Canadian government identify following as overseas assets, funds held outside Canada, Shares of non-resident corporation (other than foreign affiliates), indebtedness owed by non-residents, interests in non-resident trusts, real property outside Canada
Other property outside Canada and Property held in an account with a Canadian registered securities dealer or a Canadian trust company.
Controlled and Non-Controlled Foreign Affiliates
Canadian government aim to eliminate the action of transferring assets to no tax/low tax area to avoid tax payment in Canada, also want to make sure that the income of controlled foreign affiliate with fair tax policy, government set foreign accrual property income (FAPI).