Some relief on the new Canadian Form T1135 was provided to Canadian resident taxpayers who own Specified Foreign Assets with a COST under $250,000 CAD. CRA still expects the regular Canadian taxpayer to understand the concept of “cost” vs “value” and to understand what is exempt and what is not. I recommend anyone with accounts or assets outside Canada (including US securities in a Canadian account) consult with a competent tax professional as to whether this form is required. An error on this filing could cost you over $2500 per year for failure to file.
CRA MODIFIED T1135 Foreign Income Verification Statement
