ARTICLE · 30 JULY 2013

New Requirements For Canadians With Offshore Property And Income

Crowe Soberman LLP

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Form T1135 is the "Foreign Income Verification Statement," which must be filed on an annual basis by taxpayers (including partnerships) who own "specified foreign property" and such property has a cost of over $100,000 at any time during the year.

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Form T1135 provides information on foreign investments and funds held by taxpayers outside Canada and discloses the amount of income earned therefrom. For the 2012 and prior taxation years, Form T1135 was a one-page form that was relatively easy for your accountant to complete.

A "specified foreign property" generally includes any investment held in a foreign entity and funds held in a foreign institution. Personal use property, such as a vacation property, is not considered a "specified foreign property."

Form T1135 provides information on foreign investments and funds held by taxpayers outside Canada and discloses the amount of income earned therefrom. For the 2012 and prior taxation years, Form T1135 was a one-page form that was relatively easy for your accountant to complete.

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