Thursday, 27 February 2014

Relief for Canadians Reporting Foreign Assets on Form T1135

The new T1135 form when launched in 2013 had accountants and tax payers up in arms. Now CRA has come up with an administrative policy that alleviates completing and filing the form.  CRA, however, mentions that these and measures are only for 2013. The main features of this policy are:

Filing deadline for 2013 was extended to 31st of July 2014

Foreign stocks held by Canadian registered securities dealer (as defined in subsection 248(1) of the Income Tax Act) may now report the combined value (fair market value)  of all such property at the end of the tax year, rather than reporting the details of each property. This combined value should be included in Category 6 of Form T1135, "Other property outside of Canada."

See CRA's new administrative policy for 2013

for more information on tax matters see our website at www.tavana.ca

This blog is for general information only and cannot replace professional advice.
The reader is invited to contact the writer to discuss the contents of the newsletter.
Readers are advised to seek professional advice before acting on the material

in this newsletter

1 comment: