Form T1135 (Foreign Income verification statement)

[Khadi1993]

 

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 is Credit Card ( Like bank accounts) in Foreign banks is Specified Foreign Property

 

Per CRA website

Specified foreign property  ( that must be included in Form T1135) 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.

[clw]

A credit card is not an existing ‘reserve of wealth, nor money’ , so I don’t see how it could be reported under T1135.

[Geo123]

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