• Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/9/2013

Canada - Revised form for reporting foreign property, accounts 

July 9: The Canada Revenue Agency (CRA) released a revised version of the form used to report foreign income.

Revised Form T1135, Foreign Income Verification Statement

  • Appears more onerous to complete
  • Now asks for specific details about the categories of specified foreign property rather than just their cost amounts (as previously required)
  • Requires taxpayers to (1) include the name of the bank or other entity holding funds outside of Canada, (2) identify the foreign country to which the property relates, and (3) provide the income/loss or gain/loss from the particular property
  • Must used for the 2013 and later tax years


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 tax years.

Read a July 2013 report prepared by the KPMG member firm in Canada: Foreign Income T1135 Reporting - New Form, New Details

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