You may have heard of the T1135 form, also known as a Foreign Income Verification Statement. You may have also heard that there have been changes made by Canada Revenue Agency (“CRA”) to the T1135 effective for taxation years ending after June 30, 2013. The purpose of this article is to summarize and describe what a T1135 statement is, who is responsible for filing one, and what must be reported; it will also cover how the new T1135 is different from the former T1135, suggest why this is happening, and describe what solutions are available for those who have not been filing their T1135s.
"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."