T1135 Foreign Income Verification Statement
You file Form T1135 if, at any time in the year, you owned “specified foreign property” with a total cost of more than CAD $100,000. It reports the property — it doesn't tax it — and it's filed together with your income tax return.
Download the official T1135 form (canada.ca)Opens the current version on the Government of Canada website — always the up-to-date form, straight from the source.
Who has to file a T1135
You generally have to file if the total cost of your specified foreign property was more than CAD $100,000 at any point in the tax year. That can include foreign bank and investment accounts, shares of foreign companies, foreign real estate held for investment, and money owed to you by non-residents. It's based on cost, not today's market value — and you still file even if you sold the property before year-end, as long as you crossed the threshold during the year.
Some things are generally excluded — for example personal-use property such as a home you use yourself, and property held inside a registered plan (RRSP, TFSA). If you're not sure whether an asset counts, it's worth checking rather than guessing.
Deadline and how it's filed
The T1135 is generally due at the same time as your income tax return — for most individuals that's April 30, and for corporations it's six months after the fiscal year-end. It can be filed electronically with your return or on paper, but it goes in with the return, not as a separate mailing.
Late-filing penalties
Missing the T1135 carries its own penalty, separate from any tax you owe. The basic late-filing penalty is generally $25 per day (minimum $100) up to a maximum of $2,500, and larger penalties can apply for longer or knowing failures to file. Because the penalty is for the form itself, it can apply even when no extra tax is due. If you have unreported foreign property from past years, the CRA's Voluntary Disclosures Program may be an option — that's worth advice before you file.
Official CRA references
FAQ
Not by itself. The T1135 is an information form that reports foreign property over the threshold. You report any foreign income separately on your return; the T1135 is about disclosure, not a new tax.
No — it's based on the total cost of the property, not its current market value. If the combined cost went over CAD $100,000 at any time in the year, you generally have to file.
Property you hold for personal use, such as a home you live in or use yourself, is generally excluded. Foreign real estate held to earn income or for investment is generally included. The line can be fine — it's a good thing to confirm.
You're not stuck. A CRA letter no longer automatically closes the Voluntary Disclosures Program route, although an audit or investigation into the same issue can. We can review the letter, your missing years, and the right way to respond.
Foreign income or property on your return?
Foreign accounts, property abroad, non-resident situations — this is exactly the complex work we do. Book a free consultation and we'll make sure it's reported right.
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Other CRA forms
General information only, not tax advice. This is a copy of publicly available information about an official Government of Canada form; the form itself is published by the CRA. Verify details for your situation on canada.ca or with us.