The purpose of this post ...This is the second of my posts about Canada's foreign asset reporting requirements. The first post introduced Canada's Foreign Asset Reporting Requirements. This post will focus specificlly on Form T1135 as it applies to individuals. Individuals are disadvantaged because they may or may not use professional tax advisers. Form T1135 is a "compliance trap" and can lead to serious penalties for inadvertent noncompliance. (The case of Takenaka v AGC, 2018 FC 347 will be of great interest to U.S. citizens moving to Canada who retain their home in the United States and fail to report its use as a rental property. Ditto for certain U.S. life insurance policies.)This post is for the purpose of helping individuals understand Form T1135 and the reporting obligations it implies. Obviously this is general discussion and not advice specific to your situation. Form T1135 reporting requirements are surprisingly complex. The Canada Revenue Agency is surprisingly unforgiving for "foot faults" in relation to this form.