Personal Tax Return Filing for 2018
T1 tax returns and T1135 filing for 2018 will start from Monday, February 18, 2019, at 8:30 a.m. (Eastern Time). Any prior year filing (i.e., for 2015, 2016, 2017) including T1 Amendments must be completed before 11:59 p.m. local time on Friday, January 25, 2019. During this period CRA’s EFILE and ReFILE services will stop transmission of return in order to convert its system to prepare for the next filing season.
Foreign Income Verification
T1135-Foreign Income Verification Statement
All Canadians are required to report their worldwide income as well as any assets outside Canada over $100,000 by using form T1135. But this is the most common mistakes new immigrants are doing by not declaring the foreign income or assets each year. It increases their hassle when they decide to bring back the proceeds of the income or assets from the foreign country. Because if T1135 is not filed each year then CRA considers all the money received as income on the year of receipt and are subject to tax in Canada. These foreign reporting forms provide information to CRA about foreign assets as well as income on foreign assets. This also ensures CRA that the Canadian residents are paying taxes on income earned on foreign assets.