CRA announces transitional relief for T1135 reporting

In June 2013, CRA issued a revised Form T1135, applicable to taxation years ending after June 30, 2013, which requires more detailed foreign asset reporting, including the names of specific foreign institutions and countries where offshore assets are located, the foreign income earned on those assets and the maximum cost amount of those assets during the year.

CRA has now announced that "for the 2013 tax year only" it will permit "streamlined" T1135 reporting, viz: specified foreign property held in an account with a Canadian registered securities dealer may be reported on a combined basis; similarly, unit trusts may report the combined value of all of their specified foreign property in the same manner for their 2013 tax year; and  the filing deadline for the forms for the 2013 tax year has been extended to July 31, 2014 for all taxpayers.

Neal Armstrong.  Summary of  Revised Form T1135, Foreign Income Verification Statement under s. 233.3(3).