http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/dspstn-eng.html
Deemed dispositions
If you emigrate from Canada, you are considered to have:
* disposed of almost all your property at its fair market value on the day you emigrate; and
* re-acquired it for the same amount right after.
If the fair market value (FMV) of all the property you owned when you left Canada is more than $25,000, you must include a list of your worldwide property holdings with your income tax return. (form T1161)
And in the Emigrants and Tax guide (Page 6 says):
File your return by the filing due date. The penalty for failing to file the T1161 by the due date is $25 per day you are late. There is a minimum penalty of $100, and a maximum penalty of $2,500.
Deemed dispositions
If you emigrate from Canada, you are considered to have:
* disposed of almost all your property at its fair market value on the day you emigrate; and
* re-acquired it for the same amount right after.
If the fair market value (FMV) of all the property you owned when you left Canada is more than $25,000, you must include a list of your worldwide property holdings with your income tax return. (form T1161)
And in the Emigrants and Tax guide (Page 6 says):
File your return by the filing due date. The penalty for failing to file the T1161 by the due date is $25 per day you are late. There is a minimum penalty of $100, and a maximum penalty of $2,500.