Get the free Revised Form T1135: CRA announces transitional ... - Grant Thornton - grantthornton

Revised Form T1135: CRA announces transitional relief February 2014 In June 2013, the Canada Revenue Agency (CRA) released a new version of Form T1135, Foreign Income Verification Statement. This

How to fill out revised form t1135 cra

How to fill out revised form T1135 CRA:

1. Download the revised form T1135 from the Canada Revenue Agency (CRA) website or obtain a hard copy from a CRA office.
2. Fill out your personal information at the top of the form, including your full name, social insurance number or business number, and address.
3. Provide the taxation year for which you are filing the form. This should be the year in which you held foreign property with a total cost amount of $100,000 CAD or more.
4. Record the name and address of each Canadian trustee, if applicable. Canadian trustees are individuals or entities that hold property outside of Canada on your behalf.
5. If you held specified foreign property during the year, provide a detailed description of each property. This includes the country in which it is located, a description of the property type, and the maximum cost amount held during the year.
6. Indicate the income generated from the specified foreign property by selecting the appropriate category from the provided list, such as interest, dividends, or capital gains.
7. Determine if you had any outstanding loans or other indebtedness at any point during the year relating to the specified foreign property. If so, provide the details of each loan, including the amount, interest rate, and terms.
8. If you disposed of any specified foreign property during the year, report the proceeds of disposition, cost amount, and any capital gain or loss incurred.
9. Calculate the total amount of specified foreign property at cost held at the end of the year.
10. Sign and date the form, certifying that the information provided is correct and complete to the best of your knowledge.

Who needs the revised form T1135 CRA:

1. Individuals or entities who held foreign property with a total cost amount of $100,000 CAD or more at any point during the taxation year.
2. Canadian residents who owned foreign investments, such as stocks, real estate, or other assets outside of Canada.
3. Taxpayers who meet the specified criteria outlined by the CRA, including those who have foreign property held through trusts, Canadian corporations, partnerships, and more.

It is important to note that the requirements for filing the T1135 form may vary depending on individual circumstances, so it is recommended to consult with a tax professional or refer to the CRA guidelines for specific instructions.

For pdfFiller’s FAQs

What is revised form t1135 cra?

Revised form T1135 CRA is a form used to report foreign property for Canadian residents.

Who is required to file revised form t1135 cra?

Canadian residents with specified foreign property exceeding $100,000 CAD at any time during the year are required to file revised form T1135 CRA.

How to fill out revised form t1135 cra?

Revised form T1135 CRA can be filled out electronically or on paper, providing details on each specified foreign property owned.

What is the purpose of revised form t1135 cra?

The purpose of revised form T1135 CRA is to help track and report foreign property holdings of Canadian residents for tax purposes.

What information must be reported on revised form t1135 cra?

Revised form T1135 CRA requires reporting details such as the type of foreign property, its cost, maximum cost amount during the year, and any income generated.

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