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GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.

 
     
     
 
     
  Cost to Comply With Foreign Reporting Requirements Will Skyrocket for Some

Most taxpayers with foreign assets are familiar with the foreign reporting form T1135. Before 2013, it is fairly simple to comply with the reporting requirements. It was sufficient to check-the-box as to the type of assets owned, range of cost, the relevant countries and the income reported. The instructions to the form were imprecise and as a result, the CRA found it difficult to determine whether the form has achieved its intended result: i.e. identify whether income from these assets have been reported correctly.

The form has been substantially revised, and will require significant commitment in time and effort by the taxpayer (or his/her accountant) to comply with its requirements. Expect your tax return to cost you significantly more.

For each foreign asset (with limited exceptions) that had not paid income during the year that has been included on a reporting form from a Canadian financial institution on a T3 or a T5 slip, a full disclosure will be required on an asset by asset basis: identification of the specific asset, the country, the highest cost amount during the year, the year end cost amount, income and capital gain reported during the year.

If income has been omitted from the year's return (consider a nominal amount of bank interest which may have been missed), and the form has been improperly completed or not filed on time, the reassessment period of the return is extended by three years.
 
     
 
     
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