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Level 2
April 25, 2022
Question

Foreign Affiliate Disclosure

  • April 25, 2022
  • 1 reply
  • 4 views

My client owns less then $100K in "preference shares" of his employers stock (a public company based in Luxemborg). 

 

Would this need to be disclosed as an interest in a foreign affiliate? (question on info page that prompts T1134 filing)

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1 reply

Level 7
April 25, 2022

No, it would not be a foreign affiliate when they are preference shares.  To be a foreign affiliate, they are talking about foreign entities that you have a higher level of equity ownership.  You do have to report the foreign shares as foreign property on the T1135.