Getting shipwrecked on T1135 island an unpleasant fate for taxpayers
If you own foreign property whose total costs exceeds over $100,000 at any point in the year, then the T1135 Foreign Income Verification Statement is a form you don’t want to file late. When it comes to getting late-filing penalties, the CRA is persistent, and you risk a $25/day fine, up to a maximum $2,500 per tax year. Even if no taxes are owed, the T1135 is a separate obligation that still must be filed. The form must be filed to report the ownership of most foreign property. It is also required for foreign stocks held in a Canadian, non-registered brokerage account.