u/milifiliketz

I heard some noise and looked out the window around 1 AM. A group of 4 or 5 teenagers were standing on the sidewalk down the street while one of them was standing leaned deep into the driver's side of the car as he rummaged through the cabin. He then pushed the door closed turned back with some stuff in his hands and rejoined his buddies on the sidewalk. They looked at the stuff he took out and he dropped most of it on the ground. It looked like papers or something like that. They were in no rush to leave the scene. A car was approaching from afar and they were all looking at it, probably to make sure it isn't the police. Then they lazily crossed the street and left. Yes, I did report it to the police. The youngest of them looked no more than 12 or 13 and they all looked to be of the same ethnicity. It happened not far from Agora.

I'm on desktop. Tried both Firefox, Chrome and Chrome incognito window. No VPN, adblock disabled. I go to the subscription page, select a plan, it asks me to enter my postal code so I enter it. Then there's the option to either enter credit card details or use Paypal. I tried both. Whichever payment metnod I choose I get infinite spinning wheel?

So I opened a non-registered brokerage account in 2024, made some deposits, bought US stocks, sold them for profit, bought more US stock and in the process exceeded the $100k cost threshold, requiring me to file T1135. Last year when filing my 2024 return I was fully aware of the requirement to file T1135 but I mistakenly believed that because my net deposits to this account were below $100K I was not required to file it and so I didn't.

 

Fast forward one year, I'm filing my 2025 and I look at my "2025 Supplemental Foreign Asset Worksheet" from my broker and realize that max cost has exceeded $100k in 2025. I didn't even look at this worksheet last year. So I look it up for 2024 and sure enough the max cost was over $100k in 2024 as well. It turns out I sold some stock for profit in 2024 and bought more stock with the proceeds, so the max cost crossed $100k.

 

Now, I have already filed my 2025 return as well as the T1135 along with it. The question is what do I do about 2024. It's April 29th today, so in two days I will become eligible for Voluntary Disclosure Program and I could file my 2024 T1135 attached to the VDP form and ask for penalties to be waived. However, on the VDP RC199 form, above the box where I'm supposed to enter all the details it says "State how you obtained the income or asset, when you became aware of the error or omission..." etc. Well technically, I became aware of the omission in April 2026, at which point I was ineligible for VDP, and therefore was expected to file my 2024 T1135 immediately and automatically incur the late penalty. So I'm not sure what to do? I can wait until May and say on the form that I only became aware of the issue in May, which is not true, yet this is the only way to use VDP and best chance to avoid penalty?

 

P.S. As a side rant, I duly reported all income, cap gains, dividends, everything from this account in 2024. Penalizing someone with draconian penalties when they just failed to declare foreign assets in a separate form, and obviously had no intention of hiding income or evading taxes, otherwise they would not have REPORTED income from those assets on their tax return....absolute insanity.

Also, realizing your error but if you want to fix it as soon as possible you get slapped with a penalty, whereas you can opt to wait a little longer and if you survive without CRA noticing, you just file a VDP and ask for penalties to be waived....also insanity.