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The format of a T1135 form used to be relatively simple and straightforward to complete. It did not require disclosure of very specific information; in fact, when requesting the location of the foreign property the options provided consisted of the United States, the U.K., Europe (other than U.K.), Southeast Asia, the Caribbean, or Other. Conversely, the new T1135s requires detailed information such as:

  • Whether the filing is an amended return;
  • The specific country where property is located
  • Maximum cost of each property during the year, and the cost at year end;
  • Gain/loss on disposition of property;
  • The name of the bank holding funds;
  • Income or losses relating to the Specified Foreign Property;
  • The name of the corporation that issued the shares;
  • The name of any foreign trust the taxpayer has an interest in; and
  • Descriptions of all property held abroad.

Suffice to say the T1135s have become much more demanding in the amount of information disclosed to CRA.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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