When Do You Need to File a T1135?
You must file a T1135 if:
The total cost of your specified foreign property exceeds $100,000 CAD at any time during the year
The form must be submitted with your tax return by the filing deadline:
April 30 for most individuals
June 15 for individuals with self-employment income
Is the T1135 Included in Your Tax Return?
The T1135 is informational only. The amounts reported on this form are not reflected or calculated in your tax return. Filing is mandatory if you meet the criteria.
You must still record and report any foreign income (e.g., rental income, dividends, or capital gains) on your tax return separately
The T1135 is separate from your tax return; however, CloudTax makes it easy to file your T1135 alongside your tax return in one seamless process.
Penalties for Non-Compliance
Even though the T1135 is informational only, failing to file it can result in heavy penalties, including:
$25 per day, up to a maximum of $2,500 for late filings
Additional penalties for repeated or deliberate non-compliance
Why This Matters
Filing a T1135 ensures compliance with CRA regulations on foreign income and assets. While the form itself doesn’t affect your tax calculations, meeting the filing requirement avoids significant penalties and keeps your records accurate.