New Transparency Requirements for B.C. Corporations
New Transparency Requirements for B.C. Corporations August 17, 2020 The B.C. Provincial Government has amended the Business Corporations Act in an effort to end hidden
Home » News » Accounting News » T1135 – Foreign Income Verification Statement
On June 25, 2013, Canada Revenue Agency (CRA) has introduced a revised Foreign Income Verification Statement (T1135) to crack down on international tax evasion and aggressive tax avoidance. All Canadian resident taxpayers are required to file the T1135 if at any time in the year the total cost amount of all Specified Foreign Property to the taxpayer was more than C$100,000. This includes:
Specified Foreign Property does not include:
Starting in 2013, you will be required to provide additional information to CRA such as:
Failure to report income from domestic or foreign sources is illegal, and Canadians should know that the CRA actively pursues cases of non-compliance. Tax evasion and aggressive tax avoidance can lead to significant taxes, interest and penalties. The revised T1135 must be filed with CRA on or before the filing due date of the related tax return.
If you need more information you can visit the CRA website or contact our office.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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