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Line 266 and new immigrant T1135


KOL

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I know one needs to file T1135 by April 30, 2018 when specified foreign property is over $100k during 2017. However, I am a new immigrant in 2017 and will be exempt from reporting T1135 in my first year.

I answered all interview questions accordingly in the software (ie. Yes to owning more $100k and No to filing T1135). When I review the tax return itself, it's showing NO to line 266 "Do you own specified foreign property over $100k during 2017?" which is not true, as I really do. Can you advise how to get it fixed?

I know if it shows NO, then CRA won't nag me for filing T1135 (or even issue me a penalty slip) later, but I don't want to trick the system by misrepresenting the fact on a signed tax return.

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Hi KOL,
T1135 - Foreign Income Verification Statement
Beginning with the 2015 taxation year and subsequent years, the following changes were made:

A) Individuals who own specified foreign property with a total cost of less than $250,000 throughout the tax year can choose to complete either the simplified reporting method or the detailed reporting method.

B) If the total cost of all specified foreign property held at any time during the tax year amounted to $ 250,000 or more, you are required to complete the detailed method.

In addition, individuals may file form T1135 via NETFILE for 2015 and subsequent years.

As for professionals, they can use EFILE to electronically file form T1135.

Companies, trusts, and certain partnerships must always paper file the T1135 and submit it separately.

For more information on this topic, please consult the following links:

http://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1135.html

http://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/foreign-income-verification-statement.html

Please note that newcomers to Canada in the taxation year are not required to file Form T1135.

If you have foreign property with a total cost exceeding $ 100,000 (CAD), please follow these steps:

1. In the "Left-side menu on the Interview tab", select the item "CRA questions" and for the question "Did you own foreign property in 2017 with a total cost over CAN $100,000?", reply ''Yes", complete the page and click "Next "at the bottom.
2. Select the "Interview setup" section, go to the "Investment income and expenses" group, check the box "Foreign income or foreign property (T1135)" and click "Next" at the bottom of the page.
3. Return in the "Left-side menu on the Interview tab", select "Foreign income & property" and on the screen to your right, choose the line ''T1135 Foreign Income Verification Statement: You owned foreign property with a total cost over CAN $100,000".
4. On the page that appears ''T1135 - Foreign income verification statement'', for the line "Select the reporting method", choose the reporting method from the drop-down menu that applies to your situation.
5. Then, enter the requested information.

The T1135 will be generated by the program.

To file your T1135 via NETFILE or EFILE, following.

1. Go to the "NETFILE" or "EFILE" tab and in the left column, select "T1135 submission".
2. On the page entitled "T1135 e-submission", for NETFILE users, go to the section "Terms and conditions" and check the line "I agree with the above Terms and conditions".
3. Click "File the T1135 now". You will receive a confirmation number, that you must keep in your records for future reference.

Also, you can mail the T1135 - Foreign Income Verification Statement, if you wish, and at the same date as your federal return.

Ottawa Technology Centre,
Data Assessment and Evaluation Program,
Foreign Reporting Unit,
875 Heron road,
Ottawa ON K1A 1A2

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