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T1135

Form T1135: Foreign Income Verification Statement As Detailed As the U.S. FBAR

January 23, 2014

Last year, the Canada Revenue Agency (CRA) drastically modified Form T1135: Foreign Income Verification Statement (Increased Foreign Property Reporting for Canadians) to improve the reporting of foreign assets worth CAD $100,000 or more as a step against tax evasion. The changes brought about in this disclosure makes it more similar to the U.S. Internal Revenue...

Canada Us Tax corporate estate taxes personal taxes small business

Increased Foreign Property Reporting for Canadians (Form T1135)

September 6, 2013

In the continuous battle with international tax evasion, the Canadian government recently proposed changes to the filing of Foreign Income Verification Statement (Form T1135) as a part of the 2013 federal budget. These changes will improve foreign property reporting, and serve to align Canadian reporting on foreign property with increasingly sophisticated global property reporting requirements....