Form detail
CRA Form T1135
Foreign Income Verification Statement
Country
Canada
Revision year
2024
Methods
paper, efile
Updated
2026-05-20
Foreign Income Verification Statement
Annual reporting of specified foreign property held by Canadian residents.
Who must file: Canadian residents (individuals, corporations, partnerships, trusts) holding specified foreign property with total cost exceeding CAD 100,000 during the year.
Practical overview
T1135 is one of Canada's most penalty-rich informational returns. Penalties of CAD 25 per day apply for late filing, and a 5 percent gross-overstatement penalty applies for unreported income from unreported foreign property. The simplified reporting threshold (between CAD 100,000 and CAD 250,000) allows a less-detailed disclosure.
Practical steps
- Identify all specified foreign property held during the year.
- Compute total cost at any time during the year.
- If above CAD 100,000, file T1135 with the T1 or T2 return.
- Use simplified reporting if cost is between CAD 100,000 and CAD 250,000.
Due-date notes
Same as the T1 or T2 return.
Timing: return-due-date
Penalty snapshot
CAD 25 per day up to CAD 2,500; additional 5 percent penalty for gross negligence and false statements.
Related guides
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
Primary sources
- CRA: Form T1135 Foreign Income Verification StatementVerified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.