Services related to foreign (non-Canadian) asset reporting on Canadian tax returns

Get help with foreign asset reporting on Canadian tax returns.

Non-Canadian assets can complicate the tax returns of Canadian taxpayers in two ways: first, they must report the income received from those foreign assets on their tax return; second, they may have to file disclosure forms (for example, Forms T1134, T1135, T1141, and T1142) about those assets. We provide a range of services related to these obligations: foreign exchange conversion of income and capital amounts, cost basis tracking in Canadian dollars, a summary of values to be reported on the disclosure forms and disclosure form preparation.

Here are some examples of Canadian disclosure forms and the context in which they must be filed:

• T1134 – A Canadian resident has an interest in a foreign corporation (including a U.S. LLC, which is treated as a foreign corporation in the Canadian tax system)
• T1135 – A Canadian resident has foreign assets whose tax cost is greater than $100,000 CAD
• T1141 – A Canadian resident contributes or loans assets to a non-resident trust
• T1142 – A Canadian resident receives a distribution or loan from a non-resident trust

Please reach out if you need help reporting foreign assets on your Canadian tax returns.