The T1135 Foreign Income Verification statement must be completed every year that you owned foreign property, at any time in the year, with a cost amount of more than $100,000 Canadian. Cash in foreign accounts, foreign stocks and real estate you own outside Canada must be declared in the T1135.

You don’t have to declare personal-use property such as vacation properties, property exclusive to your active business, foreign property held in your RRSP or Canadian mutual funds which hold foreign content.

Your T1135 must be filed before the due date of your income tax return or the due date of your partnership information return. Although it can now be filed electronically, it is filed separately from the tax return.