Tax Bulletin

January 2014

Foreign Reporting and the New T1135 Form

In the summer of 2013, the Canada Revenue Agency issued a revised Form T1135 – "Foreign Income Verification Statement" which must be filed by every individual, corporation, partnership and trust which at any time in the year had specified foreign property having a total cost of more than $100,000. Specified foreign property can include cash held in foreign accounts, foreign life insurance policies, real estate, loans to non-residents of Canada and foreign securities even if they are held with a Canadian broker. Some exclusions may apply, depending on the nature of the asset.