New T1135 Offshore Asset Form

The T1135 specified foreign property form was recently changed to allow a simplified reporting method as of 2015 through a two-tiered reporting system. Part A is the new simplified reporting form for Canadian taxpayers with offshore assets with a total cost of less than $250,000 throughout the year. This simplified reporting system allows taxpayers to tick the box for each type of property they held during the year, rather than providing details for each individual property as was the case with the previous 2013 form. Part B of the new 2015 form is the same as the current detailed reporting method and will continue to be required by taxpayers who during the year held offshore property with a total cost amount of at least $250,000.