What is the Foreign Property and do I have to file it?

When you complete your Personal Income tax T1 return in Canada,  if you own or hold foreign property at any time in the taxation year with a total cost of more than $100,000 Canadian,  YES you must complete and file a T1135 Foreign Income Verification Statement which indicates the types of property held and cost of each types of property held. This is required by CRA on the tax return for the foreign property and the first form was required to be filed in 1999.

The new T1135 form will start Read more