Form T1135 – Reporting for 2015 and later tax years

Reporting for 2015 and later tax years

After consultations with external stakeholders, the Canada Revenue Agency has implemented the following changes to Form T1135 for the 2015 and later tax years:

  1. Part A, a new simplified reporting method, for those taxpayers who held specified foreign property with a total cost of more than $100,000, but throughout the year was less than $250,000. This reporting method allows taxpayers to check the box for each type of property they held during the year rather than providing the details of each property. The country codes to be selected are based on the aggregate maximum cost amount of specified foreign property held during the year. Income from all specified foreign property and gain (loss) from the disposition from all specified foreign property during the year must also be reported.
  2. Part B, the current detailed reporting method, will continue to apply to those taxpayers who, at any time during a year, held specified foreign property with a total cost of $250,000 or more.
  3. The aggregate reporting method will continue to apply to taxpayers who have an account with a Canadian registered securities dealer. Specifically, a taxpayer who held specified foreign property in an account with a Canadian registered securities dealer (as defined in subsection 248(1) of the Income Tax Act) or a Canadian trust company (as determined under paragraph (b) of the definition of a restricted financial institution in subsection 248(1)) have the option to report the aggregate value of all such property, but on a country by country basis. The total value to be reported is the highest fair market value at the end of any month during the year in addition to the fair market value at year end. The aggregate income earned in the year, and the gain (loss) realized from all dispositions during the tax year must also be reported.
  4. This aggregate reporting will continue to be reported in a table – Category 7 on Form T1135, "Property held in an account with a Canadian registered securities dealer or a Canadian trust company".
  5. Individual taxpayers can file this form electronically for the 2014 and subsequent tax years. The CRA will make electronic filing of Form T1135 available for corporations and partnerships in the future and will announce when the service becomes available.

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