The release of the Panama Papers this week couldn’t have come at a more opportune time as it will serve as helpful reminder to Canadians, who are already knee-deep in tax filing season, to complete and file Form T1135, “Foreign Income Verification Statement” to disclose certain offshore investments when you prepare your tax return this season.
If you owned certain foreign investments whose total cost exceeded $100,000 at any point in 2015, you must file this form, which is due on May 2, the normal filing date for most taxpayers (since April 30 falls on a Saturday this year). If you or your spouse or partner was self-employed in 2015, you have until June 15. Penalties for late-filing Form T1135 are $25 for each day beyond the deadline that the form is late, up to a maximum of $2,500, plus interest.
Read more from Financial Post
