CRA Announces Transitional Measures for T1135 Filing Requirements

The Canada Revenue Agency (CRA) announced today transitional rules in respect of the specified foreign property reporting form (T1135), a new version of which was released in June of 2013. The new T1135 asks for considerable more detail than its predecessor, and in many instances it can be difficult to obtain the requested information. Accordingly, the CRA announced that, for the 2013 year only, streamlined reporting for unit trusts or in respect of accounts held with Canadian registered securities brokers will be permitted, and that the filing deadline for the T1135 is extended to July 31, 2014. The full announcement can be viewed online at:
http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/frgn/1135_whtsnw-eng.html?utm_source=stkhldrs&utm_medium=eml&utm_campaign=t1135

Prepared by: Alexander Demner

Alexander is a partner practicing in the firm’s Vancouver office. Alexander’s practice covers several areas of taxation, including estate planning, pre-sale and divestiture structuring, owner-manager remuneration, taxpayer representation, and tax litigation. Alexander routinely advises on and implements reorganizations for individuals,… more »

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