US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘Form T1135’

AndersenTax

While you were away

The weather this summer in the Lower Mainland was one of the best in memory.  So while you (and us) were busy on the water or on the golf course, both countries were busy changing and tweaking tax laws as they apply to individuals in a cross-border environment. Internal Revenue Service – Streamlined Program Changes In June, the IRS modified its procedures to allow US citizens to come forward to file delinquent US tax returns and forms without penalty.  While… Read More

AndersenTax

Revised CRA Form T1135 – CRA Provides Filing Deadline Extension for 2013 Filers

For the 2013 tax year the Canada Revenue Agency released a revised Form T1135 to report specified foreign property where the cost amount exceeded Cdn$100,000 at any time in the year.  This revised form requires detailed reporting of each foreign property as opposed to the simplistic and aggregated reporting information historically provided.  We previously highlighted the changes to this form in an earlier blog titled New Foreign Income Reporting Requirements for Canadian Taxpayers:   An Update. A particular aspect of the… Read More

AndersenTax

New Foreign Income Reporting Requirements for Canadian Taxpayers: An Update

In an earlier blog post, we discussed the new Stop International Tax Evasion Program and the fact that Canada Revenue would be redesigning its Form T-1135, Foreign Income Verification Statement.  Canada Revenue has now released the new T-1135 form outlining the new reporting requirements for income earned from assets outside of Canada. Now Canadian taxpayers must report additional information on their foreign, income earning assets outside of specifying the cost basis and the aggregate income earned.  CRA will now require… Read More

AndersenTax

Canada Revenue Agency Form T1135

In its 2013 budget, Canada announced the launch of Stop International Tax Evasion Program aimed at reducing international tax evasion and avoidance. The program allows Canada Revenue Agency to pay rewards to individuals with information on significant international tax non-compliance that leads to the collection of outstanding taxes due.  Canada Revenue Agency also announced details to increase compliance and audit efforts on international tax evasion and aggressive tax avoidance. One tool that Canada Revenue Agency has used to gather information… Read More