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T1135 Foreign Income Verification Statement 

There are severe financial penalties for failing to comply with the CRA foreign reporting requirements. The penalty for failure to file is up to $2,500 per year, even if you do not owe any taxes. If you hold any of the specified foreign property described below and at any point in the year the total cost was more than $100,000, please contact us to discuss whether you need to file this form and what information we need.

All Canadian resident taxpayers are required to file a T1135 Foreign Income Verification Statement if at any time in the year the total cost of all specified foreign property was more than $100,000 CAD. The form is due April 30 for most individuals, or June 15 for self-employed individuals.

Specified foreign property includes:

• Funds (i.e. USD bank account with Wells Fargo) or intangible property (i.e. patents, copyrights) situated, deposited, or held outside Canada

• Tangible property situated outside of Canada (i.e. real estate)

• Shares of a foreign corporation

• Interest in a foreign trust

• Debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and

• Loans receivable

• Interest in a foreign insurance policy

• Precious metals, gold certificates, and futures contracts held outside Canada

• Cryptocurrency such as Bitcoin and Ethereum, and NFTs

Specified foreign property does not include:

• Property that is primarily personal use (i.e. Florida condo that is not rented)

• Foreign property held in an RRSP, RRIF, or TFSA account

• Foreign property held by a Canadian mutual fund

• Foreign pension plans (i.e. 401(k), IRA, Roth IRA)

• Foreign funds held in a Canadian bank account (i.e. USD bank account with CIBC)

PERSONAL TAX 2025 Deadlines for individuals

• January 30, 2025: Last day to pay interest on prescribed rate loans

• March 3, 2025: Last day to contribute to RRSP for 2024 (max for 2024 is $31,560 and $32,490 for 2025)

• March 15, 2025: First quarter personal tax instalments due for 2024 tax year

• March 31, 2025:

  • Last day for individuals to file 2024 T1-OVP Returns for excess RRSP contributions

  • Last day to file 2024 T3 Trust Income Tax Returns with beneficial ownership reporting

• April 30, 2025:

  • 2024 tax year income tax payment due date for individuals and self-employed (including GST/HST owing for self-employed  individuals)

  • 2024 income tax filing deadline for personal income tax returns

  • 2024 T1135 Foreign income verification statement filing deadline

  • 2024 Underused Housing Tax Return deadline

• June 16, 2025:

  • Second quarter personal tax instalments due for 2025 tax year

  • 2024 income tax and GST/HST filing deadlines for self-employed individuals

• September 15, 2025: Third quarter personal tax instalments due for 2025 tax year

• October 31, 2025: Form T1134 Information Return Relating to Controlled and Not-Controlled Foreign Affiliates filing deadline for December 31, 2024 forms.

• December 15, 2025: Fourth quarter personal tax instalments due for 2025 tax year

• December 31, 2025:

  • Last day to make charitable donations for the 2025 tax year

  • Last day to contribute to a FHSA for the 2025 tax year

  • Last day to contribute to your RRSP if you turn 71 in the year.

  • Last day to convert your RRSP to a Registered Retirement Income Fund (RRIF) if you turn 71 in the year.