Canadian taxpayers are required to annually report certain properties that are situated outside of Canada when the aggregate COST of all properties is $100,000 CAD or more. The reporting is completed on the T1135 form titled, Foreign Income Verification Statement.
The above are not exhaustive lists and there could be specific facts on your foreign properties that exempt you from reporting them on the T1135. Talk to your advisor about your fact-specific situation or any changes in your situation on all properties situated outside of Canada.
You can complete the form electronically via an Excel form or fillable PDF and provide it to your tax advisor when preparing your tax return for 2021. The due date of the T1135 is the same due date as your personal tax return.
If you have any of these properties, the aggregate total cost for all of them is greater than $100,000 CAD and you have not filed the T1135 information return in previous years, please start the communication with your advisor to understand if there are steps to be undertaken for your situation.
2021 FIVS Excel Form
2021 FIVS Fillable PDF
More details on reporting your foreign property can be found on the CRA's website here.