If you own foreign investments whose total cost exceeds $100,000 at any point in a tax year, you’re required to file a Form T1135, Foreign Income ...
, which covers obvious foreign assets, such as funds in a Cayman bank account, but also foreign stocks held in a Canadian, non-registered brokerage account.
That’s what happened to an Alberta taxpayer who filed her T1135s for the 2015 and 2016 tax years in 2020. The The CRA officer also considered whether the taxpayer “had acted quickly” to remedy her failure to file her T1135s. Since she was able to file her 2017 and 2018 forms on time, the officer concluded there was no justification for her failing to file her 2015 and 2016 forms when they were due.
In court, the judge reviewed the evidence, including the inference by the CRA officer that since the taxpayer, an interior designer, had been able to keep her business going, notwithstanding her health issues, there was no reason why she could not file her tax forms.
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