T1135 - Foreign Income Verification Statement
Beginning with the 2015 taxation year and subsequent years, the
following changes were made:
A) Individuals who own specified foreign property with a total
cost of less than $250,000 throughout the tax year
can choose to complete either the simplified reporting method or
the detailed reporting method.
B) If the total cost of all specified foreign property held at
any time during the tax year amounted to $250,000 or
more, you are required to complete the detailed method.
In addition, individuals may file form T1135 via NETFILE
for 2015 and subsequent years.
As for professionals, they can use EFILE to electronically file
form T1135.
Companies, trusts, and certain partnerships must always paper
file the T1135 and submit it separately.
For more information on this topic, please consult the following
links:
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1135.html
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/foreign-income-verification-statement.html
Please note that newcomers to Canada in the taxation
year are not required to file Form T1135.
If you have foreign property with a total cost exceeding $
100,000 (CAD), please follow these steps:
1. On the "Left-side menu of the Interview tab", select
the item "CRA questions" and for the question "Did you
own foreign property in 2021 with a total cost over CAN
$100,000?", reply ''Yes", complete the page and click
"Next "at the bottom.
2. Select the "Interview setup" section, go to the
"Investment income and expenses" group, check the box
"Foreign income or foreign property (T1135)" and click
"Next" at the bottom of the page.
3. Return in the "Left-side menu on the Interview tab",
select "Foreign income & property" and on the screen to
your right, choose the line ''T1135 Foreign Income Verification
Statement: You owned foreign property with a total cost over CAN
$100,000".
4. On the page that appears ''T1135 - Foreign income
verification statement'', for the line "Select the reporting
method", choose the reporting method from the drop-down menu
that applies to your situation.
5. Then, enter the requested information.
The T1135 will be generated by the program.
To file your T1135 via NETFILE or EFILE, following.
1. Go to the "NETFILE" or "EFILE" tab and in the
left column, select "T1135 submission".
2. On the page entitled "T1135 e-submission", for NETFILE
users, go to the section "Terms and conditions" and check
the line "I agree with the above Terms and conditions".
3. Click "File the T1135 now". You will receive a
confirmation number, that you must keep in your records for future
reference.
Also, you can mail the T1135 - Foreign Income
Verification Statement, if you wish, and at the same date as
your federal return.
Data Assessment & Evaluation Programs,
Validation & verification section,
Foreign Reporting Returns,
66 rue Stapon,
Winnipeg, MB
R3C 3M2
ID: 20210827111230DE.xml
Webpage: KPA390-20210827111230DE.htm
