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CRA Announces Extension and Concession for Detailed T1135 Foreign Income Reporting

The Canada Revenue Agency (CRA) has revised its initial 2013 release regarding the new version of the T1135 form.

For 2013 taxation years, the filing deadline is extended to July 31, 2014.

The CRA also provided a one year concession for 2013 as to the detailed reporting for foreign assets held with registered Canadian brokers. For such accounts, only the year-end fair market value balance and the income/loss and capital gains/losses for the year need to be reported.

For more information, please see the full announcement on this link: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/frgn/1135_whtsnw-eng.html

As always, please do not hesitate to contact us if you have any questions.