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🇨🇦 Current CRA Form T1135 Foreign Income Verification Framework

Form T1135 Foreign Property Reporting Calculator 2026

Check whether your specified foreign property triggers Form T1135, determine Part A vs Part B reporting, estimate late penalties, and identify important exclusions and residency rules.

1. Does Form T1135 Apply to You?

Form T1135, Foreign Income Verification Statement, is generally required when a Canadian resident individual, corporation, certain trust or certain partnership owns or holds specified foreign property whose total cost amount was more than $100,000 CAD at any time during the year.

Key Rules

  • The test uses the total cost amount of all specified foreign property, not the fair market value.
  • The threshold is tested at any time during the year. Dropping below $100,000 before December 31 does not eliminate a filing obligation if the threshold was exceeded earlier.
  • A property can still require reporting even if it generated no income.
  • A taxpayer who has more than $100,000 of specified foreign property but no income from it may still need to file T1135.
  • T1135 is an information return separate from the income tax return; filing it does not itself create a tax bill.

Taxpayer Types

  • Canadian-resident individuals
  • Canadian corporations
  • Certain trusts
  • Certain partnerships

2. Part A vs Part B Reporting

CRA uses a two-tier reporting structure.

SituationT1135 ResultReporting Method
Total specified foreign property cost is $100,000 or less throughout the yearNo T1135 based on this thresholdNot applicable
More than $100,000 but less than $250,000 throughout the yearT1135 requiredPart A simplified reporting is available; Part B can be elected instead
$250,000 or more at any time during the yearT1135 requiredPart B detailed reporting

Part A

  • Part A is available only where the total cost amount was more than $100,000 but less than $250,000 throughout the year.
  • Part A allows taxpayers to identify the categories of specified foreign property rather than listing every property individually.
  • The top three country codes are determined using the relevant month-end cost amounts.
  • Income from specified foreign property and gains or losses from dispositions are also reported under the applicable Part A fields.
  • A taxpayer eligible for Part A may choose detailed Part B reporting instead.

Part B

  • Part B applies when the total cost amount reached $250,000 or more at any time during the year.
  • Detailed information is required for the applicable specified foreign properties, including country information, maximum cost amount, year-end cost amount and income/gain information.
  • Certain property held with a Canadian registered securities dealer or Canadian trust company has a special aggregate-reporting option under Category 7.

3. What Counts and What Is Excluded?

The definition of specified foreign property is broader than foreign bank accounts and foreign shares.

Included Examples

  • Funds or intangible property situated, deposited or held outside Canada
  • Tangible property situated outside Canada
  • Shares of a non-resident corporation
  • Certain shares of Canadian-resident corporations held outside Canada
  • Certain interests in non-resident trusts acquired for consideration
  • Certain partnership interests
  • Foreign debts, including certain government and corporate bonds, debentures, mortgages and notes
  • Interests in foreign insurance policies
  • Precious metals, gold certificates and futures contracts held outside Canada

Excluded Examples

  • Personal-use property
  • Property used or held exclusively in carrying on an active business
  • Shares of the capital stock or indebtedness of a foreign affiliate
  • Certain exempt-trust interests under the Income Tax Act
  • Specified foreign property held in qualifying registered plans such as RRSPs, PRPPs, RRIFs, RPPs and TFSAs
  • Investments in Canadian mutual fund trusts or corporations, because they are not themselves specified foreign property
Real Estate RuleA foreign vacation home or other property that qualifies as personal-use property is generally excluded. If the property is used for rental or investment purposes, the analysis can change and the property may need to be included.
Foreign Fund RuleAn investment in a non-resident mutual fund generally requires reporting of the investment itself rather than the fund's underlying holdings.
Broker RuleForeign shares remain specified foreign property even when held through a Canadian or foreign broker. Property held through a Canadian registered securities dealer or Canadian trust company can qualify for the special Category 7 aggregate-reporting treatment.

4. Cost Amount, Currency and Residency Edge Cases

Cost amount is the central T1135 calculation, and residency can materially change the result.

Cost Amount Rules

  • The $100,000 test is based on cost amount, generally the adjusted cost base, rather than current fair market value.
  • The test is based on the total cost amount of specified foreign property at the relevant time.
  • For property acquired by gift, bequest or inheritance, CRA states that the cost amount is its fair market value when received.
  • Foreign-currency amounts must be converted into Canadian dollars using an appropriate CRA-accepted exchange-rate approach and consistently applying the applicable tax rules.
New Resident RuleAn individual generally does not file T1135 for the tax year in which they first become resident in Canada. For future years, property owned when Canadian residency began generally takes a cost amount equal to its fair market value when residency began.
Emigrant RuleWhen an individual emigrates during the year, CRA generally requires T1135 information for the period of Canadian residency rather than the entire calendar year.

5. Filing Deadlines and Penalties

T1135 is due on the same date as the taxpayer's applicable income tax return or partnership information return, subject to the special rules for each taxpayer category.

Deadlines

  • Individuals who are not in the self-employed June 15 category: generally April 30.
  • Individuals where the taxpayer or the taxpayer's spouse/common-law partner carried on a business: generally June 15, except the tax-shelter-investment exception can change the deadline.
  • Corporations: no later than 6 months after the end of the corporation's fiscal period.
  • Inter vivos trusts: December 31 plus 90 days, subject to applicable trust rules.
  • Partnerships and estates can have separate deadlines; use the applicable CRA return deadline rather than assuming April 30.
Reassessment RuleThe CRA reassessment period can be extended by an additional 3 years where relevant foreign income was not reported and Form T1135 was not filed on time, or where the T1135 contains a relevant false statement or omission.

6. Practical T1135 Filing Roadmap

Quick Examples

scenario: Foreign shares cost $70,000 and U.S. bank account contains $35,000 at the same time
result: T1135 required because combined cost is $105,000.
scenario: Foreign property total reaches $180,000 but later falls to $80,000
result: T1135 still required because the threshold was exceeded during the year.
scenario: Foreign property total reaches exactly $100,000
result: No T1135 filing is triggered by the $100,000 threshold because the amount must be more than $100,000.
scenario: Foreign property total reaches $249,999 and never reaches $250,000
result: Part A simplified reporting is available.
scenario: Foreign property total reaches exactly $250,000 once
result: Part B detailed reporting applies.

Mandatory Action Checklist

✓Confirm that you are a Canadian resident reporting entity subject to T1135.
✓List all property that may be specified foreign property.
✓Remove statutory exclusions such as qualifying personal-use property, active-business property and qualifying registered-plan property.
✓Calculate the total cost amount at the relevant points during the year.
✓If the total never exceeded $100,000, no T1135 is required solely under this threshold.
✓If the total exceeded $100,000 but stayed below $250,000 throughout the year, use Part A or voluntarily choose Part B.
✓If the total reached $250,000 or more at any time, use Part B.
✓Keep records supporting cost amounts, country codes, maximum amounts, year-end amounts, income and gains/losses.
✓Use an appropriate CRA-accepted exchange-rate method for foreign currency amounts.
✓Check the taxpayer-specific filing deadline.
✓File electronically where the taxpayer type and tax year support EFILE/NETFILE, or paper-file using the CRA's current instructions.
✓Retain supporting records and correct an inaccurate or omitted T1135 where necessary.
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Frequently Asked Questions (FAQs)

The filing threshold is more than $100,000 CAD of total cost amount in specified foreign property at any time during the tax year. Exactly $100,000 does not cross the threshold.

Generally no. Personal-use property is excluded from specified foreign property. A vacation property used primarily for personal enjoyment can therefore be excluded, but rental or investment use can change the analysis.

Part A is available when specified foreign property cost is more than $100,000 but remains below $250,000 throughout the year. Part B is required if the total cost reaches $250,000 or more at any time.

The ordinary late-filing penalty is $25 per day, up to $2,500. Additional penalties can apply for knowing or grossly negligent failures, including statutory monthly penalties and an additional 5% penalty after 24 months in the circumstances specified by the law.

An individual generally does not file T1135 for the tax year in which they first become resident in Canada. For future years, property already owned when Canadian residency began generally uses its fair market value at the time residency began as its cost amount for T1135 purposes.

T1135 is generally due on the same date as the applicable income-tax return. For individuals this is usually April 30 or June 15 where the self-employed deadline applies; corporations generally have six months after their fiscal year-end, while trusts and partnerships have separate deadlines.

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T1135 Key Metrics

Reporting TriggerMore than $100,000 CAD total cost amount at any time
Part A> $100,000 but < $250,000 throughout the year
Part B$250,000 or more at any time
Ordinary Late Penalty$25 per day, maximum $2,500

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