My wife has condo in Russia There is no income from it. She did not disclose this condo in the previous years since she became PR. Is there a penalty for late disclosure?

[thakar88 · Accepted solution]

Thank you for choosing TurboTax.

First of all, you only need to disclose the foreign property in the year when the total cost of property is more than  CAN$100,000. To disclose that property you need to fill T1135 form. 

As there is no income from property which means this is used for personal use as per the Canada Revenue Agency Real property

So there is no penalty in your case and you do not need to report this property.

If you still want to disclose this property so you can do with Voluntary Disclosures Program.

Read this article for more information:https://turbotax.intuit.ca/tips/declaring-foreign-property-on-your-tax-return-6217

[yevgenys]

Thanks for the quick reply. Our main concern is if we decide to sell this property down the road and CRA doesn't know about it we will likely going to pay a hefty tax on this once the money brought to Canada.