In the 2013 Budget, the Minister of Finance proposed making
changes to the way Canadian taxpayers disclose their foreign
investment holdings and the revenues derived therefrom on Form
T1135, Foreign Income Verification Statement. On June 25,
2013, a revised and expanded Form T1135 was released and applies to
taxation years ending after June 30,
2013. The criteria for those who must file Form T1135 was
not changed however the new Form T1135 now requires the disclosure
of more specific information.
Previously, Canadian taxpayers were only required to report on
Form T1135, any specified foreign property costing in total more
than $100,000 that it owned at any time during the year, by simply
checking a box that specified the range of cost of the type of
foreign property, the general geographic location of the property
and the total foreign income derived from all properties held.
