Foreign Income Verification Statement: Who Qualifies and What You Get
Learn if your international assets require reporting to stay compliant with Canadian tax laws and avoid potential penalties.
The Foreign Income Verification Statement is a requirement for residents to report their holdings of assets located outside of Canada.
Who it's for
This is for residents of Canada who own foreign property with a total cost of more than $100,000 CAD.
What you get
By filing this statement, you ensure you are in compliance with international laws regarding the reporting of foreign assets.
What it costs you
Filing this requires significant time and effort to track the details of all your foreign cash and stocks. You must keep organized records of everything you own outside the country to ensure your reporting is accurate.
The catch to know
A common mistake is assuming that assets held in a Canadian brokerage are exempt. If you hold US stocks through a Canadian brokerage, those are still considered foreign property and must be included in your total.
How to apply
- Calculate the total cost of all your foreign property.
- Verify if the total exceeds the required threshold.
- Complete the necessary forms through the official portal.
- Submit your documentation to the government agency.
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1135.html