Khadi1993 Posted April 13 Report Share Posted April 13 Funds in Foreign bank accounts should be reported in Form T1135 ( Foreign Income verification satement). I want to know Credit card issued by Foreign bank need to be reported in Form 1135 and if yes, under what category? In short, Credit card issued by Foreign bank is Foreign Specified property ? Per CRA website Specified foreign property is defined in subsection 233.3(1) of the Income Tax Act and includes: funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada tangible property situated outside Canada a share of the capital stock of a non-resident corporation shares of corporations resident in Canada held outside Canada an interest in a non-resident trust that was acquired for consideration an interest in a partnership that holds a specified foreign property unless the partnership is required to file Form T1135 a property that is convertible into, exchangeable for, or confers a right to acquire a property that is specified foreign property a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable an interest in a foreign insurance policy precious metals, gold certificates, and futures contracts held outside Canada. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 14 Report Share Posted April 14 Hello Khadi1993, Please Contact the CRA 1-800-959-8281 for inquiries related to individuals. Telephone numbers – Canada Revenue Agency / CRA wait times: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html FYI : a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable < = = Refers to debt owed to you https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.