Foreign Reporting (T1135): What to Report and What Not

Foreign Reporting (T1135): What to Report and What Not

Foreign asset reporting is an obligation administered by the Canada Revenue Agency (CRA), applying to individuals, corporations, trusts, and partnerships. This article is based on the official CRA page "Foreign reporting."

What is foreign reporting?

"Foreign reporting" refers to CRA forms and information returns relating to controlled and not controlled foreign affiliates, distributions from and indebtedness to non-resident trusts, contributions to non-resident trusts, arrangements or entities, and foreign income verification.

When is it required?

You may need to file if you:

• Own or control a foreign affiliate
• Receive distributions from or owe money to a non-resident trust
• Make contributions to a non-resident trust, arrangement, or entity
• Need to verify foreign income

Specific thresholds are not listed on the page; check current CRA rules.

Relevant forms

• T106: Information return of non-arm's length transactions with non-residents
• T1134: Information returns relating to foreign affiliates
• T1135: Foreign income verification statement
• T1141: About Form T1141
• T1142: About Form T1142

Penalties

The page states it provides information about penalties that may be applied to improperly filed forms or information returns. Specific amounts are not listed.

Where to file

All forms are filed with the CRA. See the CRA website for details.

Official Source

• Foreign reporting - Canada.ca