Recently there has been a concentrated effort by the tax authorities to educate taxpayers of these obligations. One area that is easily overlooked, relates to foreign operations and assets held in foreign countries. When you have foreign business operations and/or own property in foreign countries there are additional reporting that is required. The three main types of reporting that may be required are:
Form T1135 – Foreign Income Verification Statement
This form is required if at any
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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