Form T1135 Foreign Income Verification Statement - Canada

Form T1135, also known as the Foreign Income Verification Statement, is a document required by the Canada Revenue Agency (CRA) to report foreign income and assets held by Canadian residents. This form helps the CRA monitor and ensure compliance with Canadian tax laws by tracking foreign income and assets that could potentially be subject to taxation.

The Form T1135 Foreign Income Verification Statement in Canada is filed by Canadian taxpayers who own specified foreign property with a total cost of more than $100,000 CAD at any time during the tax year.

FAQ

Q: What is Form T1135?
A: Form T1135 is the Foreign Income Verification Statement.

Q: Who needs to file Form T1135?
A: Canadian residents who own specified foreign property with a total cost exceeding $100,000 must file Form T1135.

Q: What is specified foreign property?
A: Specified foreign property includes assets such as foreign bank accounts, real estate, stocks, and certain other investments located outside of Canada.

Q: When is Form T1135 due?
A: Form T1135 is due on the same date as your income tax return, which is generally on or before April 30th.

Q: What happens if I don't file Form T1135?
A: Failure to file Form T1135 or providing false or misleading information can result in penalties and potential audit by the Canada Revenue Agency.