Global

Details

  • Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 8/7/2013

Canada - Foreign income verification on Form T1135 is clarified 

August 7: The Canada Revenue Agency (CRA) officially confirmed that the revised Form T1135 applies to tax years ending after 30 June 2013 and that, accordingly, old form T1135 will still be accepted for tax years that ended prior to 1 July 2013.

The CRA also provided further details on the application of the exclusions where a T3 or T5 has been received for a foreign property.


Previously, it was unclear whether the CRA would provide transitional relief for the use of new Form T1135—Foreign Income Verification Statement—which states that the revised form must be used for the 2013 and later tax years.


The CRA announcement provides relief for taxpayers who need additional time to gather the newly required information.


Read an August 2013 report prepared by the KPMG member firm in Canada: Foreign Information Reporting Form T1135 Applies to Taxation Years Ending After June 30, 2013




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