In June 2013, the Canada Revenue Agency (CRA) released a new version of Form T1135, Foreign Income Verification Statement. This form must be filed by all Canadian-resident taxpayers1 that hold specified foreign property (SFP) exceeding $100,000 (CDN) at any time in the year.
There were several changes to this revised form, one of the main changes being the requirement to provide detailed information for each SFP held during the year. Please refer to our Grant Thornton release CRA releases new Form T1135 – What does that mean for you? for details on what SFP includes and a list of the new information requested on the revised form.