# T1135 - Foreign Income Verification Statement



## kcowan (Jul 1, 2010)

Do you own US Property? Better file!

There are a couple a gotchas with this form. While Ufile completes it, Netfile does not process it so you have to print in out and mail it in.

Suppose you own a trailer for $50k in a trailer park but also some stocks and bonds that add up to more than $100k (or a home for $150k and $10k in stocks). Failure to post your hard copy form could cost you a fine of $2500!

A friend got caught in the CRA net on this one, and, even though there are no taxes owing, he is on the hook for the fine.


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## Guban (Jul 5, 2011)

kcowan said:


> Do you own US Property? Better file!
> 
> Suppose you own a trailer for $50k in a trailer park but also some stocks and bonds that add up to more than $100k (or a home for $150k and $10k in stocks). Failure to post your hard copy form could cost you a fine of $2500!
> 
> A friend got caught in the CRA net on this one, and, even though there are no taxes owing, he is on the hook for the fine.


If the trailer is used as personal property (ie not rented), it doesn't count towards the $100k. Also US assets in an RRSP, and a few other things don't count.


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## CanadianCapitalist (Mar 31, 2009)

Guban said:


> If the trailer is used as personal property (ie not rented), it doesn't count towards the $100k. Also US assets in an RRSP, and a few other things don't count.


Important to note here that US stocks held in Canadian broker accounts counts towards the $100K.


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## Guban (Jul 5, 2011)

CanadianCapitalist said:


> Important to note here that US stocks held in Canadian broker accounts counts towards the $100K.


CRA just redid form 1135. My information might have been for the old form.
See
http://www.advisor.ca/tax/tax-news/taxation-of-foreign-investments-2375
And
http://www.advisor.ca/tax/tax-news/taxation-of-foreign-investments-2375


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## GOB (Feb 15, 2011)

I thought there was a newer thread on this but I can't seem to find it. 

I and a few others were questioning how to account for options on the T1135. There is good news. I phoned CRA today and they confirmed that options trades do not count as assets for the purposes of this form (unless of course they are exercised). Please do your own diligence, but I will not be reporting options purchases on my form.


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## Video_Frank (Aug 2, 2013)

GOB said:


> I thought there was a newer thread on this but I can't seem to find it.


There's this one..


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