Canada - English

Foreign Income T1135 Reporting - New Form, New Details 

Canadian Tax Adviser

 

July 03, 2013

 

Pam Prior and Ashid Dharsi
Vancouver, Enterprise Tax

 

The CRA has released a revised version of Form T1135 "Foreign Income Verification Statement" that appears more onerous to complete. The new form now asks for specific details about the categories of specified foreign property rather than just their cost amounts, as previously required. The CRA now requires taxpayers to include the name of the bank or other entity holding funds outside of Canada, identify the foreign country to which the property relates, and provide the income/loss or gain/loss from the particular property. The new form must be used for the 2013 and later taxation years.

Background
The 2013 federal budget announced that Form T1135 would be revised to require more detailed information. The budget also announced a three-year extension of the normal reassessment period if the taxpayer fails to file the form when required or fails to report required information on the form. These measures apply for the 2013 and subsequent taxation years.

 

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to July 03, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

Publications

Canadian companies may be interested in these recent publications: