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T1135 amend


Sarahlee
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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.

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  • 4 weeks later...
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

 

 

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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!

 

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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!

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