Government Comes Through on Promise to Simplify T1135

Last week, form T1135 “Foreign Asset Verification Statement” was released for 2015.  As promised, the form now includes a simplified method for reporting assets where the taxpayer owns specified foreign property with a cost base of more than $100,000 but less than $250,000.

A new Part A has been added to the form for those who qualify and wish to use the simplified method (and who wouldn’t?).

Using this method, the taxpayer need only supply:

• the types of property owned;
• the codes for the top three countries in which the assets are held;
• the income from the foreign property earned in the year; and
• the gain or loss from disposition of the property in the year.

Those who owned foreign assets at any time in 2015 with a cost base of more than $250,000 must use Part B and report the same level of detail as required in 2014.

To learn more, check out the Knowledge Bureau courses: Cross Border Taxation and T1 Professional Tax Preparation – Advanced. Visit also https://www.knowledgebureau.com/index.php/dac2016/  to find out more about next year’s Distinguished Advisor Conference that will be held in San Diego, November 6 to 9, and the theme is Soar Higher: Plan for Your Greater Potential.

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