Oliver Xing
Chartered Accountant
800-255 Duncan Mill Rd.
Toronto, ON Canada M3B 3H9
Tel:416-510-2991  Fax:416-510-0851

Business and Tax.com

     Home            English      Contact Us    Chinese
Tax & Accounting Services  Incorporation  Taxation  Tax Tips  Business Startup  News

 

bulletTAX & ACCOUNTING SERVICES
bulletINCORPORATION
Federal Incorporation
Ontario Incorporation
Nuans Name Search
Minute Book
Corporate Seal
Order Form
bulletTAXATION
Corporate Tax
Personal Tax
Tax Return Calendar
bulletTAX TIPS
bulletBUSINESS AND TAX NEWS
bulletBUSINESS STARTUP
bulletCONTACT US

________________________________________________

Tax Tips  - March 5, 2001

Foreign Property Reporting (Form T1135)
________________________________________________

If you own certain foreign property, and the total cost of which is more than $100,000 (Canadian funds) at any time during the year,  you are required to be reported to Canada Customs and Revenue Agency (CCRA) on your personal income tax return (Form T1135).

Corporations, trusts and partnerships potentially have to file this form as well, for taxation years beginning after 1997.

If you are a Canadian resident for the first year, you don't have to file Form T1135.

Foreign assets include, but not limited to, the following:

Foreign bank accounts;

Shares and debt of foreign corporations;

Debt of foreign governments;

Foreign rental properties

Loans receivable from non-residents of Canada (including loans made to family members).

Failure to report your foreign property could result in severe penalty and interest.