12 – Canadian Foreign Asset Form (T1135)

Form T1135 is a tax form that Canadian residents must file if they own “specified foreign property” with a total cost of more than $100,000 CAD at any time during the year. “Specified foreign property” is any property that is situated, deposited, held or issued outside of Canada. However, there are some exceptions to this definition, particularly for assets held for personal use and enjoyment. The purpose of Form T1135 is to verify the foreign income reported by taxpayers and to prevent tax evasion and avoidance.

Complete this form to provide the information necessary to prepare this form.