T1135 - VDP Process

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bentpiston
Posts: 2
Joined: Sat Nov 04, 2017 9:43 am

T1135 - VDP Process

Post by bentpiston » Sat Nov 04, 2017 9:46 am

I have always paid my taxes and reported my foreign earned income. However, I was unaware until recently of the T1135 form and I have failed to file this form since 2006. What should I do?

I am considering filing a VDP. Do I need to file the missing T1135's all the way back to 2006 or only the last 3 years?

Thanks

JGCA
Posts: 751
Joined: Thu Nov 18, 2010 3:05 pm
Location: Montreal, QC Canada

Post by JGCA » Sat Nov 04, 2017 3:37 pm

CRA require 10 years if T1135 min penalty is $ 2500 a year for just not filing, better hurray they are changing the rule for VD was suppose to be Jan 1 18 but it just got announced that the old rules will apply till Sept 2018. You need a person who has done this befor do best way to do it is to file anonymously just your age, occupation and fird 3 letters of postal code then they will tell you if you are eligiblke under the old rules. I have done many of these in a case where you simply forgot the form but did declare the income you should be ok. If you want to be more safe you can use a lawyer who will not be compelled to give up your name in case tey do not accept this but again this is under the current rules which will be changed in 2018.
JG

bentpiston
Posts: 2
Joined: Sat Nov 04, 2017 9:43 am

Post by bentpiston » Sun Nov 05, 2017 8:45 am

Thanks for the reply. Yes, I have reported the income. These are Vanguard Mutual Funds so tax was being withheld in the US and I was reporting the income in Canada in order to get the credit.

I have prepared the VDP package with all the detailed info for every year and the missing T1135s. I am still debating whether I will hire a lawyer or not. I feel I have nothing to hide so I am thinking about simply filing the VDP myself.

JGCA
Posts: 751
Joined: Thu Nov 18, 2010 3:05 pm
Location: Montreal, QC Canada

Post by JGCA » Sun Nov 05, 2017 10:39 am

ok do it now before they change the rules
JG

KelVarg
Posts: 1
Joined: Fri Oct 16, 2020 3:21 am

Re: T1135 - VDP Process

Post by KelVarg » Fri Oct 16, 2020 3:22 am

Your transaction are failed while paying taxes you have to use VDF process to get rid of these problems. VDF process is explained in https://www.nerdywriters.co.uk/research ... g-service/ so that we can understand the transaction as well.

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