T1135
Foreign Income Verification Statement
Who Must File
Canadian residents (individuals, corporations, trusts) who at any time in the year owned specified foreign property with a total cost exceeding $100,000 CAD.
Deadline
Filed with T1 General by April 30 (June 15 for self-employed)
Penalty
$25/day for late filing (minimum $100, maximum $2,500); $500/month for knowingly false statements
Step-by-Step Filing Instructions
Identify all specified foreign property: US bank accounts, brokerage accounts, rental properties, shares of foreign corporations.
Determine the total cost amount of all specified foreign property.
If total cost is $100,001-$250,000, use the simplified reporting method (Part A).
If total cost exceeds $250,000, use the detailed reporting method (Part B).
Report income earned and capital gains/losses from each property.
File electronically with your T1 return.
Tips & Best Practices
Cost amount generally means the adjusted cost base, not fair market value.
US 401(k) and IRA accounts are excluded from T1135 reporting.
Personal-use property (US vacation home) is excluded.
The simplified method (Part A) requires far less detail; use it if you qualify.
File even if no income was earned from the foreign property.
Frequently Asked Questions
Is my US 401(k) reportable on T1135?
No. Retirement accounts like 401(k) and IRA are excluded from the definition of specified foreign property for T1135 purposes.
Does my US vacation property count?
No. Personal-use real property is excluded from T1135 reporting. However, a US rental property must be reported.
What is the difference between Part A and Part B?
Part A (simplified) requires only country and income ranges for property with total cost between $100,001 and $250,000. Part B requires detailed property-by-property reporting above $250,000.
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