Global

Details

  • 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

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 tax years.


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




©2013 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 us-kpmgwnt@kpmg.com.
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

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


Already a Subscriber? Login


Not a member? Subscribe now

Contact us