T1135 amend

[Sarahlee]

I want to amend t1135 in 2019. Is it possible? Is there any penalty?

What should be done to amend 2019 tax file in Ufile?

[clw]

The T1135 is not part of a tax file, even though it is Netfiled after it. It is a ‘wealth tracking tool’ which has no tax consequences, unless you fail to file the form on time. The important thing is to file the form, even if not completely accurate. Just file the T1135 form 2020 correctly and all should be well. Trying to ‘amend’ it might raise more issues.

[Sarahlee]

Thanks.

[WRB]

On 3/26/2021 at 9:46 AM, clw said:

The T1135 is not part of a tax file, even though it is Netfiled after it. It is a ‘wealth tracking tool’ which has no tax consequences, unless you fail to file the form on time. The important thing is to file the form, even if not completely accurate. Just file the T1135 form 2020 correctly and all should be well. Trying to ‘amend’ it might raise more issues.

Hi CLW,

I erroneously included my IRA account (in the US) on my T1135 since I moved to Canada several years ago. I just found out that IRAs are not considered a Specified Foreign Property and thus not required to be reported on the T1135.

In addition, I've put in the wrong Adjusted Costs and Gross Income on a rental property (in the US). I've correctly reported the rental income/expenses every year on my Canadian tax return. But, the T1135 amounts are not accurate. I would like to correct them.

Should I amend my T1135s for all the years?

Thank you!

 

WRB

 

 

[clw]

You might ask the CRA if the T1135's are amendable without incurring a late filing penalty, but I would just correct the 2020 version, nothing more.

 

[AltaRed]

Concur. I would just file the correct 2020 version and leave it at that. There's been no obvious conscious effort to evade/avoid correct reporting.

[WRB]

Thank you to you both!

[WRB]

Question on Netfile:

I think I did it correctly but now I'm not so sure. The acknowledgement report shows "Federal" and "Federal T1135" with Transmission date/time and Confirmation Numbers.

When I was submitting my 2020 Federal T1135, I checked the box for "I agree with the Terms and Conditions", then I hit "File the T1135 now". But, then, it brought me back to the same screen. So, I did it a second time and it then gave me an error message of "Rejected", Result "484" - "Our records indicate that you have already filed your form...."

 

So, I'm assuming everything is fine. Can you please confirm?

 

Thank you!

 

[AltaRed]

All is well. That happened to me too (and I think it was that way in 2019 too). UFile needs to make a programming change to avoid that screen re-appearing. It should go straight to the confirmation page.

[WRB]

4 hours ago, AltaRed said:

All is well. That happened to me too (and I think it was that way in 2019 too). UFile needs to make a programming change to avoid that screen re-appearing. It should go straight to the confirmation page.

Thank you, AltaRed!

[FPM]

I've reported a loan to a relative as foreign property as form T1135 in my last three tax filings. Unfortunately, the relative lost the entire amount, and I no longer have foreign property exceeding CAD 100,000. Can I now answer 'No' to the foreign property question in my 2023 tax filing, and is it permissible to stop filing T1135 under these circumstances?

[Geo123]

Hello FPM,

As per the T1135 form a debt is included in T1135 reporting

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t1135/t1135-22e.pdf     p4

What property do you have to report?

*a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable;

In your case, the loan is "lost" you should contact the CRA and determine the chances of recovery at a future date and if a contract exists for the loan.