What is Foreign Income Reporting T1135?

Understanding CRA's T1135 Reporting: Foreign Assets and Penalties

Are you a Canadian taxpayer with over $100,000 in foreign assets? This video dives deep into the CRA's T1135 reporting requirements. Learn why the CRA wants to know about your foreign assets, the penalties for non-compliance, and the critical reporting deadlines. Discover the detailed process of filling out T1135 forms, including common mistakes and case studies where fines were incurred. We also cover special circumstances like new immigrants, investment properties, foreign trusts, and the Voluntary Disclosure Program. Ensure you stay compliant and avoid hefty penalties with this comprehensive guide.

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00:00 What is Foreign Income Reporting (T1135)?
00:39 Why does CRA want to know your foreign assets?
01:50 What happens if someone does not report the foreign income & assets
04:24 A Recent Case Study
05:11 What is the deadline for filing T1135?
05:57 What triggers a T1135 reporting?
07:59 Assets which must be included in T1135 from
11:37 Assets which are excluded from the T1135 form
14:23 How to fill the form T1135
23:45 Special cases in filling T1135
23:50 Requirement of T1135 for New Canadian Immigrants
24:14 Filing requirement of T1135 for Active Investor
24:47 Filing requirement of T1135 for inheriting a foreign asset
25:43 Filing Requirement of T1135 for Beneficiary of a Foreign Trust
26:14 Steps in case you didn't file T1135

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The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Neither the Speaker and/or Host nor Fire Financial provide specific financial recommendations. Please consult a registered professional for any financial. This channel is not responsible for any financial actions taken by viewers based on these videos.

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