Establishing secure connection…Loading editor…Preparing document…

T1135 Form

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

T1135 Foreign Income Verification Statement

Part A — Identification

Taxpayer Name:

Tax year ending:   Country of residence for tax purposes:

Entity Type

Indicate the type of taxpayer (check one or more as applicable):

Taxpayer Identification

Social Security Number (SSN):   Employer Identification Number (EIN):

Reporting Method

Select reporting method used for this form:

Part B — Specified Foreign Property (Detailed schedule)

Complete the following table for each specified foreign property if using full reporting. Amounts must be in reporting currency.

Property Type / Description
Country
Highest Cost During Year
Cost at Year End
Income from Property

Part C — Aggregate Reporting (if simplified)

If simplified reporting is used, provide aggregate totals by category below.

Part D — Other Information

Certification

I certify that the information provided on this form and on any schedules attached is true, correct and complete to the best of my knowledge. I understand that making a false statement or omission may subject me to penalties as provided by law.

  1. All specified foreign property held at any time in the year has been reported, including property held by a corporation, partnership, trust, or other entity for which I am required to report.
  2. Amounts reported represent cost or adjusted cost base values as required by applicable tax rules; gains or losses are reported where applicable.
  3. I will retain records sufficient to verify the completeness and accuracy of the information reported and will make those records available upon request by the tax authority.
  4. Where a schedule is attached, the schedule is an integral part of this statement and has been signed by me where required.

Taxpayer Name:

Signature:

Date:

Enter text✕
Prepare your document for signing right on this page
  • 01 Edit the text and complete the fields
  • 02 Click Sign Now and on the next screen add recipients and signature fields in SignNow
  • 03 Start your free trial to sign and send your doc
Sign Now

What the T1135 Form Is and when it applies

The T1135 Form, commonly called the Foreign Income Verification Statement, is a Canadian federal tax return schedule used to report specified foreign property holdings and related income for Canadian taxpayers. It applies when the total cost amount of specified foreign property exceeds the reporting threshold and must be filed with the taxpayer's income tax return. The form collects identifying information, categories of property, cost and income amounts, and details about holdings in foreign corporations, trusts, and partnerships. Accurate reporting helps the tax authority reconcile foreign-source income and assets.

Why accurate T1135 reporting matters

Completing the T1135 correctly reduces the risk of reassessment, penalties, and audits while ensuring compliance with cross-border disclosure rules. It documents foreign property holdings and related income so tax authorities can verify proper reporting of worldwide income and prevent tax leakage.

Why accurate T1135 reporting matters

Which taxpayers need to consider the T1135

When in doubt, verify your aggregate cost base for all specified foreign property and consult the Canada Revenue Agency guidance or a tax professional to determine filing obligations.

  • Individual taxpayers with foreign investments exceeding the threshold for specified foreign property.
  • Canadian corporations and trusts that directly or indirectly hold foreign property above the reporting limit.
  • Partnerships or agents required to report on behalf of clients or partners holding reportable foreign property.

Key data elements required on the T1135

Taxpayer ID: Enter your SIN, Business Number, or trust account number.
Tax Year: Report the calendar or fiscal year end being filed.
Property Categories: Classify holdings: funds, real estate, shares, debt, trusts.
Cost Amount: Record the total cost in Canadian dollars.
Income Amount: Declare gross income from the foreign property.
Jurisdiction: List the country where each asset is located.

Principal risks of incorrect or omitted T1135 filings

Late Filing: May trigger penalties and interest.
Incomplete Reporting: Can lead to reassessment or audit.
Incorrect Values: May result in amended returns and fines.
Intentional Omission: Carries higher penalties and criminal exposure.
Cross-Border Risk: Information exchanges increase detection likelihood.
Recordkeeping Lapses: Makes it hard to support reported figures.

Common mistakes to avoid when preparing the T1135

  • Failing to aggregate cost amounts across accounts and entities, which can understate reportable holdings.
  • Using market value instead of original cost or not converting foreign amounts correctly to Canadian dollars.
  • Omitting income from foreign trusts or partnerships because of unclear reporting responsibilities.
  • Lacking supporting documentation or transaction histories to substantiate balances and income reported.

Step-by-step: preparing and filing the T1135

Follow a clear sequence to gather data, complete the form, and retain supporting records before filing with your return.

  • 01
    Gather records: Collect account statements, purchase records, and trust documents.
  • 02
    Compute cost: Aggregate adjusted cost base in Canadian dollars.
  • 03
    Complete form: Enter identification, categories, costs, and income details.
  • 04
    File and retain: File with your tax return and keep supporting records.

Completing the T1135 electronically: recommended online workflow

Configure a secure digital workflow that preserves data accuracy, audit trails, and record retention for tax compliance.

Document Type PDF fillable or scanned source file
Field Detection Use auto-detect or manual placement for sensitive fields
Signer Authentication Email link or multi-factor for preparer identification
Audit Trail Capture timestamps, IP, and action logs
Retention Policy Export signed copy and store per tax retention rules

Where and how the T1135 is submitted

The T1135 is submitted as part of a Canadian income tax return; the process differs depending on electronic or paper filing methods.

  • Electronic Filing: Attach schedule within the online tax return submission.
  • Paper Filing: Include the completed schedule with mailed tax return.
  • Tax Professional: Authorized tax preparers may file on behalf of clients.
  • Record Retention: Keep supporting documents in case of review.

How to distribute the T1135 electronically

Ensure your chosen distribution channel supports retention of a complete audit trail and exportable signed copies for regulatory needs.

  • Email Delivery: Use encrypted attachments and authenticated sender accounts.
  • Secure Link: Provide time-limited links with optional passcodes.
  • Portal Upload: Clients upload signed files to secure tax portals.

Timing considerations and filing alignment

The T1135 is typically filed with the related Canadian income tax return. Filing timing follows the return due dates; preparers should confirm current CRA filing rules and extension policies.

Return Alignment:

File the T1135 together with the taxpayer's income tax return.

Preparers:

Allow time for data collection and verification before filing deadlines.

Electronic Processing:

E-filing may reduce processing time versus paper submissions.

Late Submission:

Late or missing schedules increase risk of penalties.

Verify Dates:

Consult CRA guidance for precise annual due dates.

Core sections and components of a proper T1135

A compliant T1135 presents taxpayer identifiers, aggregated cost and income by asset type, country-by-country breakdowns, and signatures or preparer information to reconcile foreign holdings with reported income.

Identification

Taxpayer name, SIN or Business Number, and tax year information to clearly link the schedule to the return.

Asset Categories

Break down holdings (shares, funds, real property, debt, trusts) per the form's category definitions for consistent reporting.

Cost Basis

Report aggregated cost amounts for each asset category in Canadian dollars using a documented exchange rate.

Income Details

List income types and gross amounts from each foreign asset to support taxable income reporting.

Country Breakdown

Allocate holdings and income by jurisdiction to assist treaty, withholding, and exchange-of-information reviews.

Preparer Info

Include preparer name and contact if a third party completed the schedule; maintain authorization records.

Supporting documents to assemble with the T1135

Retain source records and attach summaries when they help substantiate amounts reported on the T1135; do not submit unnecessary confidential originals.

Account Statements

Brokerage and bank statements showing acquisition dates, cost basis, and year-end balances for each reported holding.

Purchase Records

Contracts, trade confirmations, and invoices that establish original cost and transaction dates.

Trust/Partnership Docs

Trust deeds or partnership allocations clarifying beneficial ownership and income allocations.

Exchange Rate Log

Documentation of the exchange rates and sources used to convert foreign currency amounts to Canadian dollars.

Comparing eSignature vendors when handling tax schedules

Select an eSignature provider that supports secure file formats, audit trails, and compliance certifications. The table below presents common plan-level comparisons; check vendor sites for full plan details.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies Varies Varies

Practical tips for accurate, defensible T1135 reporting

Apply consistent methods and maintain supporting documentation to streamline future reviews and reduce error risk.

Centralize Records
Keep acquisition records, statements, and exchange-rate logs in a single secure repository for easy retrieval.
Document Methods
Record the exchange rates and conventions used for currency conversion and cost aggregation.
Reconcile Regularly
Reconcile foreign accounts to cost records periodically to detect omissions early.
Use Audit Trails
Capture signed copies with complete audit trails to support filing and any subsequent reviews.

Frequently asked questions about the T1135

Answers to common practical questions about when to file, what to include, and how to manage records for the T1135.


Need help? Contact support

be ready to get more
Join over 28 million airSlate SignNow users
Sign Now
Company
Forms
Pricing
Resources
Knowledge base
Other Products
© 2026 airSlate Inc. All rights reserved.