CRA Form T1135, Foreign Income Verification Statement
Report the specified foreign property you owned during the year to the CRA.
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About CRA Form T1135, Foreign Income Verification Statement
The T1135, Foreign Income Verification Statement, is a CRA form for Canadian residents who held specified foreign property with a total cost over the CRA reporting threshold at any time in the year. That threshold is printed on the form and explained in the CRA guide. Specified foreign property can include funds held outside Canada, shares of foreign companies, interests in foreign trusts, foreign real estate held for investment, and similar assets.
The form offers a simplified reporting method and a detailed reporting method, and the one you use depends on the total cost of your foreign property. You file it along with your income tax return for the same year. This page is a free fillable helper and a general guide, not tax advice, so always download and file the current official T1135 from the CRA.
Who needs to complete it
- Individuals who are residents of Canada and held specified foreign property over the CRA reporting threshold.
- Canadian corporations that owned qualifying foreign property during the tax year.
- Trusts resident in Canada with specified foreign property above the threshold.
- Partnerships where the share held by Canadian resident members meets the reporting rules.
How to fill out CRA Form T1135, Foreign Income Verification Statement
- 1Enter the name, tax year, and the account, business, trust, or social insurance number that identifies the filer.
- 2Read the threshold note on the form and confirm your total cost of foreign property means you have to file.
- 3Choose the simplified method or the detailed method based on the total cost of your specified foreign property.
- 4For the simplified method, tick the types of property you held and report the income and any gain or loss by category.
- 5For the detailed method, list each property, the country code, the maximum cost during the year, the cost at year end, income, and any gain or loss.
- 6Convert foreign amounts to Canadian dollars using an accepted exchange rate and keep your records.
- 7Add up the totals for each section and check them against your supporting statements.
- 8Sign and date the certification area, or have an authorized person sign for a corporation, trust, or partnership.
- 9File the T1135 with your return by the filing due date for that year.
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Frequently asked questions
Who has to file a T1135?
Canadian residents, including individuals, corporations, trusts, and partnerships, who owned specified foreign property with a total cost over the CRA reporting threshold at any time in the year. The threshold is printed on the form.
What counts as specified foreign property?
It can include funds held outside Canada, shares of foreign companies, interests in foreign trusts, and foreign real estate held for investment. Personal use property and assets in a registered plan are generally not included. Check the CRA guide for the full list.
What is the difference between the simplified and detailed methods?
The simplified method lets you report property by category, while the detailed method asks for property by property information. Which one you can use depends on the total cost of your foreign property, as set out on the form.
When is the T1135 due?
It is generally due on the same date as your income tax return for the year, and you file it together with that return. Confirm the exact due date for your filer type in the CRA guide.
Do I report the property in Canadian dollars?
Yes. You convert foreign amounts to Canadian dollars using an accepted exchange rate and keep your records to support the figures you report.
Is this the official CRA form?
This is a free fillable helper and general guide. The form and its threshold can change, so always download and file the current official T1135 from the CRA before you rely on it.