Property overseas with income earnings on my fathers

QUESTION:
Hi,
I have a question,  I dont know what is the correct thing to do: I have some
property overseas (I am actually a Permanent resident, and considering on
becoming a citizen) , that my father put my name on, but he has kept the
rights for any income that is generated on them.  My question is, do I have
to state on my taxes that I have these properties? but if I do I will be
taxed on some income that I do not really get...
Thanks!
----------------------------------------------
david ingram replies:
Your father has kept what is generally referred to as  life estate.  This is
a situation where he is keeping any earnings from the property but you own
it and get (in the future) any capital gains appreciation.  In these cases,
"you" are usually responsible for upkeep and repairs.
If the value of the properties is / was over $100,000 Canadian at the date
your name was put on the title, you should be reporting the fact on Canadian
form 1135 and answering the question about foreign properties at the top of
page 2 of the T1 General.
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