New form T1135 and IRA assets

patti · Post by **patti** » Sat Jan 04, 2014 2:32 pm

It looks like the CRA has a significantly revised form T1135 (Foreign Income Verification Statement) for 2013 filings.

I seem to recall that the old T1135 specifically exempted U.S. IRA accounts. The new form makes no reference to IRA's or other foreign pension assets. Do IRA assets now count towards the $100k reporting threshold?

nelsona · Post by **nelsona** » Sun Jan 05, 2014 9:43 am

according to these experts, pensions are still exempt

http://www.grantthornton.ca/resources/i ... 135_NC.pdf

patti · Post by **patti** » Sun Jan 05, 2014 12:13 pm

That offers some comfort; however, I wonder how these experts arrived at their conclusion? The old T1135 instructions explicitly exempted U.S. IRA accounts. All that wording has been deleted and there are no references to pension assets in the FAQs. Is this just careless drafting on the part of CRA or have they intentionally left it vague? Does Grant Thornton have additional information or have they made an assumption based on the prior definition of "specified foreign property"?

nelsona · Post by **nelsona** » Mon Jan 06, 2014 10:07 am

remember that the definitions are set out in the tax code. The form didn't change this. Why they removed the wording? Dunno.

bbhattac · Post by **bbhattac** » Fri Aug 12, 2016 4:22 pm

This article can provide a bit more peace of mind for IRA holders.

https://www.cpacanada.ca/~/media/site/c ... ipants.pdf