Form T1135 – Reporting for the 2013 tax year

Reporting for the 2013 tax year

For the 2013 tax year, taxpayers have the option to use either the 2013 transitional reporting method or the T3/T5 reporting exception. If you choose to use the 2013 transitional reporting method in respect of any account with a Canadian registered securities dealer or with a Canadian trust company, you must use this method for reporting all other accounts with Canadian registered securities dealers or with a Canadian trust company. If you opt to use the T3/T5 reporting exception you are required to report the details of all those securities that are specified foreign property for which you have not received a T3 or T5.

2013 Transitional Reporting Method

The CRA permits a streamlined reporting in certain circumstances for the 2013 tax year.

Specifically, a taxpayer who held specified foreign property in an account with a Canadian registered securities dealer (as defined in subsection 248(1) of the Income Tax Act or with a Canadian trust company (as determined under paragraph (b) of the definition of a restricted financial institution in subsection 248(1)) will have the option to report the aggregate value of all such property rather than reporting the details of each property. This aggregate should be included in Category 6 of form T1135, “Other property outside of Canada”.

In addition, unit trusts (as defined in subsection 108(2)) will have the option to report the aggregate value of all of their specified foreign property in the same manner as described above for their 2013 tax year.

Furthermore the CRA extended the filing deadline for form T1135 for the 2013 tax year to the later of July 31, 2014 and the taxpayer's normal filing-due date.

T3/T5 reporting exception

The T3/T5 reporting exception provides that where the taxpayer has received a T3, Statement of Trust Income Allocations and Designations or a T5, Statement of Investment Income from a Canadian issuer in respect of a particular specified foreign property, the details of that particular specified foreign property do not have to be disclosed in one of the tables on form T1135.  Whether this reporting exception applies must be determined for each specified foreign property and for each tax year during which the property was held.

Form T1135 must still be filed even if a T3 or T5 was issued in respect of all specified foreign property held during the tax year. In this case, the taxpayer would complete the identification information and check the reporting exception box on form T1135.

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