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On March 21, 2013 the Honorable Jim Flaherty, Minister of Finance announced new compliance measures for Canadian taxpayers that own foreign property outside of Canada.
Previous to January 1, 2013 individuals with eligible foreign property with a cost of more than $100,000 were required to report this property on form T1135.
Under the 2013 budget the new T1135 for 2013 and future years will also include additional informational requirements for the specific property held including information about the financial institutions holding the funds and the specific country were the properties are held.
The budget also extends the time for reassessment of tax returns related to income not reported on form T1135 to 3 additional years.
A copy of the new T1135 for 2013 will be posted here once released by CRA. A copy of the previous version (for 2012 and prior years can be seen below):
The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.
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