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ARTICLE · 11 MARCH 2014

Significant Changes To Foreign Property Reporting For Canadian Taxpayers

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For taxation years ending after June 30, 2013, Canadian resident taxpayers who are required to report their specified foreign property holdings to the Canada Revenue Agency must use a revised version of Form T1135.

CanadaTax
Pamela Cross
Pamela Cross
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For taxation years ending after June 30, 2013, Canadian resident taxpayers who are required to report their specified foreign property holdings to the Canada Revenue Agency must use a revised version of Form T1135.1 Generally, most taxpayers will be required to file Form T1135 for a taxation year if the total tax cost of their specified foreign property (as described below) exceeds C$100,000 at any time in the year. Taxpayers and their advisors need to be aware that the revisions to Form T1135 are anything but cosmetic: the new form significantly increases the compliance burden on taxpayers and introduces severe consequences where there has been a failure to comply.

In addition to existing monetary penalties, failing to report specified foreign property correctly on new Form T1135 could result in the extension of the normal reassessment period for the relevant taxation year by three additional years. The normal reassessment period will be extended if both of the

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