Form T1135 – Foreign Income Verification Statement
Foreign Income Verification Statement
About Form T1135
Form T1135 is required by the Canada Revenue Agency (CRA) for Canadian residents, corporations, trusts, and partnerships that own specified foreign property costing more than $100,000 CAD during the tax year. It ensures compliance with Canadian tax laws by reporting assets such as:
Who Must File Form T1135
- Individuals, corporations, and trusts with foreign property over $100,000 CAD
- Partnerships holding more than $100,000 CAD abroad
- Property includes investment accounts, foreign real estate, shares, debts, insurance policies, and precious metals
Reporting Methods
- Simplified (Part A): Property between $100,000–$250,000 CAD
- Detailed (Part B): Property $250,000 CAD or more
- Requires fair market values, income/losses, and country details
- Filing must be accurate; electronic submission preferred
Compliance & Penalties
- Failure to file or errors can trigger significant CRA penalties
- CRA reassessment periods may be extended
- Accurate records and professional guidance reduce risks
JKCTax Advantage
At JKCTax, we help Canadians file Form T1135 correctly, avoid penalties, and plan strategically for international holdings.
Contact JKCTax today for expert support with your foreign income reporting.
Why Choose Us
Personal, Corporate & Cross Border Income Tax & Accounting Solutions
Proven Expertise
With years of experience in personal, corporate, and cross-border tax solutions, our team provides reliable guidance. Whether you’re filing taxes locally or dealing with international tax laws, JKC Tax ensures compliance and peace of mind throughout the process.
Personalized Solutions
Each client has unique needs, and our strategies reflect that. If you need clarity or a tailored tax plan, schedule an appointment at our North Vancouver office. Our experts offer one-on-one consultations to address your specific requirements and help you reach your financial goals with confidence.
Transparent & Proactive Support
Communication is key. We provide straightforward advice and proactive updates to keep you informed. You can rely on us to answer your questions and offer solutions before issues arise.