Taxpayers will now be required to name the institution where the foreign banking is conducted. Previously, taxpayers only had to check a box to indicate roughly the amount of the balance in the amount without listed the names of any institutions
New York, New York (PRWEB) May 22, 2013
Mark Feldstein and Associates today advises taxpayers who have indicated that they have foreign property in a tax year totaling over $100 000 will receive a reminder included on their Notices of Assessment of the obligation to file Form T1135. Reminders will start with the 2013 tax year. After reviewing many Toronto based chartered accounting firms, Business Review selected Mark Feldstein and Associates as a leader in the industry due to its dedication to keeping taxpayers in the know regarding all Canadian Revenue Agency (CRA) updates and tax form revisions. When the federal budget was released earlier this year, mentions of a foreign tax snitch line and changes to the Foreign Income Verification Statement were among the changes. Now the Canada Revenue Agency has updated their website to inform taxpayers of the changes to expect on this tax form in 2013.
Taxpayers will also have to list out the country in which their foreign investments are held. Previously the options were United States, UK, Europe (other than UK), Southeast Asia, Caribbean or Other. The new form forces taxpayers to be much more transparent about their activity outside of Canada. "Taxpayers will now be required to name the institution where the foreign banking is conducted," says Mark Feldstein, Founder of Mark Feldstein and Associates. "Previously, taxpayers only had to check a box to indicate roughly the amount of the balance in the amount without listed the names of any institutions." In order to remind taxpayers on an annual basis about this foreign income verification statement, beginning in 2013 the Canada Revenue Agency will start to include reminders with Notice of Assessments. As well, the CRA is currently developing tools to allow for electronic filing of this form.
Currently, to file the T1135 tax form with the CRA, taxpayers must file with the applicable tax return or partnership information return. If the income is being filed electronically, the form must be sent separately to the Ottawa Technology Centre. “A popular voluntary disclosure request we get is for people who have not declared their foreign income, and we have also helped many taxpaying Canadians in saving possible fines of over $25,000 plus interest when they failed to report their foreign income.”
Mark Feldstein & Associates,Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting since 1982. He has experience in a wide variety of industries, including retail, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction.