T1135 FILING - CLAIM FOREIGN PROPERTY

Foreign Property Reporting Made Simple

Accurately report foreign investments, real estate, and bank accounts to meet CRA requirements and protect your finances.

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What you need to know about T1135 filing

Disclose foreign property, avoid tax headaches

Owning foreign property comes with specific reporting obligations in Canada. The T1135 form, also called the Foreign Income Verification Statement, ensures compliance with the Canada Revenue Agency (CRA) while helping you avoid penalties for undisclosed assets.

Why should I file a T1135?

Canadian residents and certain non-residents are required to report foreign property if the total cost exceeds CAD $100,000 at any time during the year. Accurate reporting ensures:

  • Full compliance with CRA regulations

  • Avoidance of severe penalties for undisclosed assets

  • Proper disclosure of foreign investments, bank accounts, or real estate

  • Peace of mind when managing international assets

Failure to report foreign property can result in significant fines, interest, and potential audits.

Applies to both Canadian residents and non-residents

The T1135 filing requirement applies not only to Canadian residents but also to certain non-residents with Canadian tax obligations. Individuals, corporations, and trusts who meet the CAD $100,000 threshold must file the T1135 to reduce the risk of penalties and demonstrate full disclosure of foreign holdings.

Never pay more than you need to

Share information about your self-employment, freelance, or rental income, and every required tax form is added for you.

Whether you’re living in Canada or abroad, all available deductions are identified to help increase your tax savings.

Enjoy peace of mind knowing your return is accurate, compliant, and optimized for the highest possible refund.

Why choose C.A.T.S for your T1135 filing?

Maximum Refund Guarantee

We search for every eligible deduction and credit to maximize your return.

Specialists in Non-Resident Tax

We understand the complexities of cross-border income, residency changes, and foreign asset reporting.

Completely Done-For-You Process

Send us the required documents and let our team of tax professionals handle the rest.

Why our clients love us

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    I would like to thank C.A.T.S Accounting office for their professionalism and sincere dedication in providing their accounting tax services to me throughout the past years. [Tax Expert Name] and his team go always go the extra mile to make sure everything is done properly, using all the tools and knowledge at their disposal. It is rare to encounter such a high standard of care and commitment.

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Frequently asked questions

  • The T1135 form, also called the Foreign Income Verification Statement, is used to report foreign property owned by Canadian residents or certain non-residents. It ensures full compliance with CRA rules for foreign asset disclosure.

  • Canadian residents or non-residents with foreign property exceeding CAD $100,000 at any point in the year must file a T1135. This includes real estate, bank accounts, stocks, mutual funds, and other foreign investments.

  • Foreign property includes:

    • Bank accounts and cash held outside Canada

    • Stocks, bonds, or investments in foreign corporations

    • Real estate located outside Canada

    • Trusts, partnership interests, and foreign mutual funds

    • Other assets held directly or indirectly outside Canada

  • Yes. Non-residents with Canadian tax obligations on foreign assets may also need to file T1135. Accurate reporting ensures compliance and helps avoid CRA penalties.

  • Failing to file a T1135 or reporting incomplete foreign property can result in significant penalties:

    • $25 per day for late filing (up to a maximum of $2,500)

    • Higher penalties for gross negligence or repeated non-compliance

    • Potential interest charges and CRA audits

  • Foreign income itself is taxable in Canada, but reporting allows proper reconciliation of foreign taxes paid, which may be eligible for foreign tax credits to reduce Canadian tax liability.

  • Foreign property is reported at the original cost (not current market value) in Canadian dollars. For jointly owned property, the share of each owner must be calculated.

  • Yes. All foreign properties exceeding the CAD $100,000 threshold are reported on the T1135 form, either individually or by category, depending on reporting rules.

  • T1135 must be filed by April 30th for most individual tax returns (or June 15th if self-employed, though any balance owing is still due April 30th). Filing on time avoids penalties and interest charges.

  • Yes. Both residents and non-residents can file T1135 via C.A.T.S Accounting, ensuring compliance without needing to be in Canada.

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