Foreign Property Tax ReportingLast year, as part of the Canadian Federal Government’s 2013 Economic Action Plan, they implemented a new initiative to combat international tax evasion and tax avoidance by making significant changes to the Foreign Property Verification Statement, Form T1135.

The revised Foreign Property Verification Statement requires more detail from tax filers and is required to be filled out by Canadian taxpayers who hold over $100,000 in specified foreign property.

The revised T1135 Form applies to 2013 and subsequent taxation years.

For more information on Foreign Property Tax Reporting read Softron’s blog post about this subject.

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