Let's say you are a recent immigrant here from Chile, and you hold some relatively small amounts of mutual funds back in your country of origin. As I understand it, for any year you are resident here, you need to pay tax on all income and gains generated during the year, including on such foreign assets.
However, those foreign mutual funds certainly aren't going to issue you a T3, and don't even necessarily track income, ROC and capital gains in the same way as Canadian funds would do. In particular, it seems that in Chile no taxes are due until the funds are sold, unlike here where income, realized capital gains and ROC generated inside the funds need to be declared on a yearly basis (but this is easy due to the aforementioned issuance of a T3). What would you do in this case, as a good-faith effort to report all income?
Any help will be apprecited.
I didn't find the right solution from the Internet.