Taxpayers who own specified foreign property costing more than $ 100,000 but less than $ 250,000 throughout the year can now file Form T1135, Foreign Income Verification Statement using a new simplified reporting method.
All Canadian resident taxpayers are required to file Form T1135, Foreign Income Verification Statement if, at any time in the year, the total cost of all specified foreign property to the taxpayer was more than $ 100,000 (Canadian).
Specified foreign property includes but is not limited to:
- Foreign securities (such as stocks and bonds) held in a Canadian securities dealer or Canadian trust company account.
- Funds held outside of Canada (for example foreign currency held in a foreign bank).
- Real estate outside of Canada held as an investment (such as a rental property).
- Shares of non-resident corporations.
- An interest in a non-resident trust.