Understanding Form T1135 – Expat Tax Podcast

25 November 20
Crossing the 49th Podcast

On episode #2 of the Expat Tax and Financial Planning Podcast we discuss form T1135 – Foreign income verification filings. For a comprehensive article on form T1135 and the issues related to foreign asset reporting click here.

Form T1135 is required to be filed by tax residents of Canada that hold investments with a cost basis of more than $100,000. Topics covered include:

  • What is form T1135?
  • Who needs to file form T1135?
  • How do you prepare from T1135?
  • What’s the difference between simplified and detailed T1135 reporting?
  • What are the penalties for late filing of form T1135?
  • How to file T1135 late?
  • What are some exemptions from T1135 filings?

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Phil Hogan, CPA, CA, CPA (Colorado)

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 778.433.1314. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/

To book a complementary cross-border consultation with our team (limitations apply), please click here: https://beaconhillwm.ca/get-started-now/

This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.