Sarahlee Posted March 25, 2021 Report Share Posted March 25, 2021 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? Quote Link to comment Share on other sites More sharing options...
clw Posted March 26, 2021 Report Share Posted March 26, 2021 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. Quote Link to comment Share on other sites More sharing options...
Sarahlee Posted March 26, 2021 Author Report Share Posted March 26, 2021 Thanks. Quote Link to comment Share on other sites More sharing options...
WRB Posted April 19, 2021 Report Share Posted April 19, 2021 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 Quote Link to comment Share on other sites More sharing options...
clw Posted April 21, 2021 Report Share Posted April 21, 2021 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. Quote Link to comment Share on other sites More sharing options...
AltaRed Posted April 21, 2021 Report Share Posted April 21, 2021 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. Quote Link to comment Share on other sites More sharing options...
WRB Posted April 21, 2021 Report Share Posted April 21, 2021 Thank you to you both! Quote Link to comment Share on other sites More sharing options...
WRB Posted April 22, 2021 Report Share Posted April 22, 2021 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! Quote Link to comment Share on other sites More sharing options...
AltaRed Posted April 22, 2021 Report Share Posted April 22, 2021 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. Quote Link to comment Share on other sites More sharing options...
WRB Posted April 22, 2021 Report Share Posted April 22, 2021 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! Quote Link to comment Share on other sites More sharing options...
FPM Posted January 16 Report Share Posted January 16 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? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted January 16 Report Share Posted January 16 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. Quote Link to comment Share on other sites More sharing options...
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