Form T1134-1 Supplement Package - Canada

Form T1134-1 Supplement Package is used in Canada for reporting information about Controlled Foreign Affiliates (CFA) and Foreign Accrual Property Income (FAPI). This form provides additional details to the CRA about these foreign entities and their income.

The Form T1134-1 Supplement Package in Canada is typically filed by Canadian taxpayers who meet the reporting requirements for certain specified foreign property.

Form T1134-1 Supplement Package - Canada - Frequently Asked Questions (FAQ)

Q: What is the Form T1134-1 Supplement Package?
A: The Form T1134-1 Supplement Package is a set of forms and instructions provided by the Canada Revenue Agency (CRA) for reporting specified foreign property held by Canadian residents.

Q: Who needs to use the Form T1134-1 Supplement Package?
A: Canadian residents who have specified foreign property, such as foreign investments or assets, with a total cost exceeding $100,000 CAD at any time during the tax year need to use the Form T1134-1 Supplement Package.

Q: What is specified foreign property?
A: Specified foreign property includes assets or investments located outside of Canada, such as foreign bank accounts, real estate, shares of foreign corporations, and certain types of insurance policies.

Q: What information is required to be reported on Form T1134-1?
A: Form T1134-1 requires information about each specified foreign property, including the description, country of location, cost amount, and income received from the property.

Q: When is Form T1134-1 due?
A: Form T1134-1 is generally due on the same filing deadline as the taxpayer's income tax return, which is typically April 30th of the following year for most individuals.