Does my RRSP or TFSA trigger a T1135?

No. Property held inside registered plans such as RRSPs, RRIFs, and TFSAs is excluded from specified foreign property, so those holdings do not count toward the reporting threshold.

Is a vacation home outside Canada reportable?

Not if it is held mainly for personal use and enjoyment. A foreign property that earns rental income, however, is generally specified foreign property and must be reported.

Is the threshold based on cost or market value?

Cost. The filing requirement is triggered by the total cost amount of your specified foreign property at any time in the year, regardless of what the property is currently worth.

What happens if I file T1135 late?

A late-filing penalty applies for each day the form is overdue, up to a maximum, and further penalties can apply in more serious cases. Check the current penalty amounts on the CRA website.

Do I file T1135 in my first year as a Canadian resident?

Generally no. The requirement does not apply for the year an individual first becomes resident in Canada, but it applies in every following year in which the threshold is met.

Tax

CRA Form T1135: Fillable PDF

Foreign Income Verification Statement

Canada Revenue Agency

Reports specified foreign property with a total cost over 100,000 Canadian dollars held during the tax year.

Reviewed July 2026

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CRA Form T1135, Foreign Income Verification Statement, is the annual disclosure that Canadian residents use to report specified foreign property when its total cost exceeds the threshold set out in the Income Tax Act. The form gives the Canada Revenue Agency visibility into foreign holdings such as funds in foreign bank accounts, shares of foreign corporations, and real estate located outside Canada.

Form T1135 is a dynamic PDF that only opens properly in Adobe Acrobat Reader, so download it from this page, complete each category of property, the country where it is held, and the income it produced in Acrobat Reader, and save the finished PDF for filing or for your records. Browsers show a placeholder page instead of the form.

What is Form T1135 used for

The form reports specified foreign property held at any time during the tax year. That category includes funds held outside Canada, shares of non-resident corporations even when they sit in a Canadian brokerage account, interests in certain non-resident trusts, foreign rental real estate, and debts owed by non-residents. It generally excludes property used mainly for personal use, such as a vacation home you do not rent out, property used in an active business, and investments held inside registered plans.

The form offers two reporting methods. A simplified method lets filers below a higher cost threshold report by category and country with less detail, while the detailed method requires a line for each property, its cost, the income it generated, and any gain or loss on disposition. Which method applies depends on the total cost of your specified foreign property during the year.

Who files Form T1135

Canadian resident individuals, corporations, trusts, and certain partnerships must file when the total cost amount of their specified foreign property exceeded the reporting threshold at any point in the year. The test is based on cost, not market value, and it applies to the combined total of all specified foreign property, not to each item separately.

New residents of Canada are generally not required to file for the year they first become resident. If you are unsure whether your holdings meet the definition of specified foreign property, review the CRA guidance, because the penalties for failing to file can be significant.

How to fill out Form T1135

Gather year-end statements from every foreign account and records for any foreign property bought or sold during the year. Then work through the form:

Complete the identification section with your name, identification number, and the tax year covered by the statement.
Determine whether the simplified or detailed reporting method applies based on the total cost of your specified foreign property.
Under the simplified method, tick the property categories that apply, identify the top countries by cost, and report total income from all specified foreign property.
Under the detailed method, list each property in the correct category with its country code, maximum cost during the year, year-end cost, income, and any gain or loss.
Sign and date the certification before filing.

Deadlines and penalties

Form T1135 is due on the same date as your income tax return for the year. It can be filed electronically by many filers or on paper, and it must be filed even in years when your return itself shows no tax owing. Late filing carries an automatic penalty that grows with each day the form is outstanding, and larger penalties can apply where a failure to file continues after a demand or involves gross negligence, so treating the deadline seriously is worthwhile.

Frequently asked questions

Yes. Shares of non-resident corporations are specified foreign property even when they are held in an account at a Canadian institution. The location of the account does not change the nature of the property.

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