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
On June 25, 2013, CRA launch of a new T1135 – Foreign Income Verification Statement as part of the Government’s measures to crack down on international tax evasion and aggressive tax avoidance. The updated form will require additional details to be reported which may be time consuming and onerous.
Filing Requirement
The updated form must be used beginning with the 2013 taxation year. The filing requirement remains unchanged and is triggered if a Canadian resident taxpayer, at any time
The Canada Revenue Agency (CRA) has many tools at its disposal to track the investment of Canadian taxpayers in foreign entities. On December 31, 2012, a new Form T1134 (Information Return Relating to Controlled and Not-controlled Foreign Affiliates) was released, replacing forms T1134A and T1134B.
On the T1134, a taxpayer who resides in Canada (individual, company, partnership or trust) reports details of its controlled and non-controlled foreign affiliates (non-resident corporation or non-resident
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