Client F, is and elderly married man and has been an individual client of yours for years.During the 2017 tax year, the client became incapacitateddue to an illness; now his wife is taking over the finances.She informs you that her husband is the 100% owner of a Canadian Corporation.He never mentioned it to you, and it never came up in conversation as the Canadian Corporation has never paid dividends.The Canadian Corporation reinvests all of its income in new investments trying to keep the cash on hand around $150,000.Further, over the last 10 years it has reported $200,000 a year in net income on its Canadian Financial Statements.The taxpayer and her ill husband want to know if this will impact there tax return, and have asked the following questions:

a.Will there be any new forms to file because of the Canadian Corporation?

b.Will there be any additional taxes due because of the Canadian Corporation?