• 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

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now