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Serious consequences for failure to file T-1135

Failure to file T1135 regarding all foreign held properties including shares in foreign companies may result in CRA charging you penalties of $25 per day to a maximum of 100 days until the form has been filed.

Jamie Golombek, managing director, tax and estate planning at CIBC Private Wealth Management, describes a recent tax court ruling against the Canwest group of companies. He says the ruling serves as "severe" warning to report foreign investments of more than $100,000 to the Canada Revenue Agency annually. The company was ordered penalized with interest dating back to the year 2000 on several counts.

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