Canadians who own foreign property valued over $100,000 at any point in any given year must file for a Form T1135 (also known as a Foreign Income Verification Statement). You must declare all types of foreign property that you own, whether it be stocks (of a non-resident corporation), inheritance, land or buildings. The only types of foreign property you do not have to report are; mutual funds registered within Canada; personal property (art collections, coins, jewelry, etc.); vacation property that you use as a primary private residence; funds in registered retirement; income and/or pension plans; or property that is strictly related to your business.
The Form T1135 has to be filed on or before the due date of your income tax return and can be filed electronically (see the CRA website for more information).