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Foreign property reporting - T1135


#1

Hi there,

regarding T1135, when does a resident here in Canada on working visa need to start reporting their foreign property? Have a client, who is on working visa here for a few years, but have intention to move here. Last year finally got his PR status, so now he is sure he can stay in Canada. He been filing his tax returns, with SIN # start with 9, but he been told that he doesn’t need to report his foreign property (file a T1135) until he become a PR. He have property over $100,000 CAD. Was he advice correctly, meaning he need to start filing T1135 starting 2015 (since he got his PR in 2015), or should he file a voluntary disclosure to report T1135 since he became a resident for tax purposes (which was the day he landed)?

Thanks in advance,


#2

Hello,

This is a more technical question and some informations are missing so that we can give a proper answer. I would highly recommand that you call CRA because one small detail can change the answer. Here is the number : 1-800-959-8281.

~Stéphanie


#3

That is a funny one @stephanie, I am willing to bet that any professional accountant who purchases Taxcycle will already have that number memorized.:joy:


#4

@james not me…


#5

@BertMulderCGA

Then I stand corrected, I figured that the 1-800-959-8281 number and 1-800-959-5525 (assuming they do business returns) would be burned into all accountants minds by now.


#6

I never call that number, as it is impossible to get through anyhow. If I really need to get hold of anyone at CRA, I have some contacts I have cultivated over the years…


#7

Would you like to share those contacts?

-sounds like a line from the Godfather


#8

nope, when you have practiced over 25 years, perhaps you will have some…


#9

Vito Corleone wouldn’t be happy with you for not sharing! :relaxed: