Corporations that own specified foreign property over $100,000 can now Efile Form T1135 online

Did you know?

Starting May 16 2016, corporations that own specified foreign property over $100,000 can Efile Form T1135, Foreign Income Verification Statement, electronically for the 2014 and later tax years?

Individuals have been able to file this form electronically since February 9, 2015.

Important information

Canadian residents who own, at any time in the tax year, certain types of property outside Canada that costs more than $100,000 must file Form T1135, Foreign Income Verification Statement.

Filing Form T1135 online is easy. T2 Certified software and web applications help Efilers every step of the way. If your corporation is already filing online, all you need is your CRA Efile user ID and password.

If you need to file Form T1135 for taxation years before 2014, you must file a paper form. Detailed instructions are available on the back of the form.

Don’t forget to file the corporate tax return and Form T1135 on time! For the 2013 and later tax years, the reassessment period for a tax year has been extended by three years for those who have not reported income from a foreign property on their income tax return, and if Form T1135 was not filed, was filed late, or included incorrect or incomplete information.

For more information on Form T1135, go to Foreign Income Verification Statement.

Fast facts for corporations about filing foreign income verification statements online:

• Corporations can Efile Form T1135 online for the 2014 tax year and later years only.
• Corporations can Efile Form T1135 online with their T2 tax return or separately, but the filing deadline is the same for both.
• Filing online is secure. The CRA uses the same high level of online security that Canadian financial institutions use.
• Online filing of Form T1135 is just one of many service improvements the CRA has introduced to help make tax time easier for you. Other new services include online mail in My Business Account and Represent a client. 
• Stay tuned—partnerships will be able to file Form T1135 electronically in the future. We’ll let you know when this service becomes available.
• For more information, individuals (other than self-employed individuals) and trusts can call 1-800-959-8281 and businesses, self-employed individuals, and partnerships can call 1-800-959-5525.