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ARTICLE · 08 JANUARY 2021

Foreign Income Verification Statement

Crowe
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Canadian taxpayers are required to annually report certain properties that are situated outside of Canada when the aggregate COST of all properties is $100,000 CAD or more.

CanadaGovernment, Public Sector
Brian Steeves
Brian Steeves
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Canadian taxpayers are required to annually report certain properties that are situated outside of Canada when the aggregate COST of all properties is $100,000 CAD or more. The reporting is completed on the T1135 form titled, Foreign Income Verification Statement.

What is considered foreign property for purposes of Form T1135?

The foreign property you are required to report on form T1135 includes:

  1. Funds (all currencies) situated, deposited or held outside Canada
  2. Intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada
  3. Tangible property situated outside of Canada
  4. A share of the capital stock of a non-resident corporation held by the taxpayer or by an agent on behalf of the taxpayer (includes shares held in a Canadian brokerage account)

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