In response to concerns raised by taxpayers, the Canada Revenue Agency has announced that it has revised Form T1135, Foreign Income Verification Statement for the 2014 and later tax years. Form T1135 is required to be filed if the cost of a reporting taxpayer’s specified foreign property exceeds $100,000 at any time in a year. Details of the announcement can be found here.

Additional information on foreign property reporting requirements can be found here.


Pamela L. Cross