Skip to content
Starting with the 2013 taxation year, taxpayers who hold foreign property over $100,000 are required to provide additional information to CRA.
Specified foreign property that must be reported includes:
- Funds held outside Canada
- Shares of non-resident corporations (other than foreign affiliates)
- Indebtedness owed by non-residents (other than from foreign affiliates)
- Interests in certain non-resident trusts
- Real property situated outside Canada (other than real property used for personal use or in an active business)
- Other types of foreign property
Penalties that are applicable for failure to file Form T1135 by the reporting deadline:
- Failing to file a return: $25 per day for up to 100 days (minimum $100 and maximum $2,500)
- Failure to file done knowingly or under circumstances amounting to gross negligence: $500 per month for up to 24 months (maximum $12,000)
- After 24 months, the penalty becomes 5% of the cost of the foreign property
- Make false statements or omissions: the greater of either $24,000 or 5% of whichever of the foreign property
Scroll to Top
