Foreign income · T1135
Foreign Income & Foreign Asset Reporting
Arsen Accounting Services helps with Canadian tax reporting for foreign-source income, foreign tax credits and specified foreign property. This service addresses Canadian filings, with the required reporting assessed from your residence status, income and assets.
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Tax preparation with Elena Arsen, CPA, CMA · Arsen Accounting Services
Start with residence status and income sources
Foreign employment, pensions, investments, rental income and other sources may need to be reported in Canada. The treatment depends on the circumstances, including tax residence and any applicable treaty. Provide the dates involved and details of taxes paid abroad so the Canadian reporting can be reviewed.
Foreign tax credits need supporting information
A tax payment to another country does not automatically translate into an equal Canadian credit. Foreign tax credit calculations, including Form T2209 where applicable, depend on the type of income, eligible taxes and other requirements. Keep foreign returns, assessments and evidence of tax paid with the related income records.
T1135 is separate information reporting
Form T1135 reports specified foreign property when the filing requirements are met. It does not replace reporting foreign income on the relevant income tax return. Cost amounts, ownership, property types, income and dispositions are needed to assess the requirement and prepare the form. Not every asset located abroad is treated the same way.
Identify changes and outstanding years
Tell us if you arrived in or left Canada, inherited foreign assets, sold property abroad, or missed reporting in an earlier year. These facts may change the work required. Foreign-country tax return preparation is outside the Canadian services described on this website.
CRA guidance
General information only. Requirements depend on the facts and the tax year. Service scope is confirmed before engagement.
Common questions
Before you get started
Does filing T1135 replace reporting foreign income?
No. T1135 is an information return. Any required income reporting must still be completed on the relevant tax return.
Do you prepare US or other foreign-country tax returns?
The services described here are Canadian tax services. We can discuss the Canadian side of your circumstances; foreign-country filings require appropriate separate assistance.
Get in touch
Let's discuss your tax needs.
Tell us the tax years, province and filing needs. Prepare a short quote inquiry or contact us directly to discuss availability and scope.
Email: elena@arsenaccounting.com
Phone: (647) 297-4126
Before you send
Please provide a brief description of the assistance you need. Do not email SINs, passwords, banking details or sensitive tax documents in your initial inquiry. We'll discuss an appropriate secure method of sharing documents if we proceed.
Information on this website is general and is not individualized tax advice. Engagements are subject to acceptance, agreed scope and applicable terms.