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ARTICLE · 02 JULY 2013

The Devil’s In The Details – The New Form T1135 Is Released

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Earlier this week, the CRA released the revised Foreign Income Verification Form as had previously been announced by the Federal government in their 2013 Budget.

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Earlier this week, the CRA released the revised Foreign Income Verification Form ("T1135") as had previously been announced by the Federal government in their 2013 Budget.  Consistent with our blog posted on March 26, 2013, taxpayers are now required to report additional information which makes the T1135 more comparable to its US cousin – the FBAR.

Overall, the changes to the T1135 are not significant, but will serve to make its preparation more laborious.  Taxpayers must provide the following additional information:

  • whether the form is an amended return;
  • whether the taxpayer or the taxpayer's spouse (or both) are self-employed;
  • where the form is prepared by a partnership, the nature of the partners (individuals, trusts, or corporations) must be disclosed;

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