Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/4/2014

Canada - Foreign investment reporting filing extended to 31 July 

March 4: There is some filing relief for taxpayers owning certain types of foreign property provided by the Canada Revenue Agency (CRA).

The CRA relief may help taxpayers complete Form T1135, Foreign Income Verification Statement, on a timely basis for the 2013 tax year.


The CRA said it would extend the filing deadline for Form T1135 to 31 July 2014 for all taxpayers to comply with the new reporting requirements for the 2013 tax year.


Also, taxpayers that hold specified foreign property in an account with a Canadian registered securities dealer may now choose to simply report the combined market value for all such property in that account for the 2013 tax year on Form T1135.


Without the transitional provision, taxpayers would report the details of each property, country code, cost amount at year-end as well as the maximum cost of each such property during the year, which would have required an accounting for all property sold during the year. Taxpayers will still need to report total income/loss and total capital gains/capital losses for properties held in each of these accounts.


Read a February 2014 report prepared by the KPMG member firm in Canada: CRA Announces Relief for 2013 Foreign Investment Reporting




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