For non-income producing stock--such as stock in Google or Apple for example--you had to provide detailed information on the country, maximum cost, year-end cost and capital gains. As of February 2014, you no longer need to include this information.
New York, New York (PRWEB) March 31, 2014
Business Review and Mark Feldstein and Associates today advises Canadian taxpayers who own more than $100,000 worth of foreign stocks or property will now have a simplified T1135 Foreign Income Verification Statement for 2013 tax season.
The Canadian Revenue Agency (CRA) has simplified the form so that Canadians simply must report the total year-end fair market value of stocks and property in their Canadian, non-registered brokerage accounts. "Previously, taxpayers needed to check a box indicating that foreign dividends will be included on a seperate T5 slip," says Mark Feldstein of Mark Feldstein and Associates. "For non-income producing stock--such as stock in Google or Apple for example--you had to provide detailed information on the country, maximum cost, year-end cost and capital gains. As of February 2014, you no longer need to include this information."
Canadians must file the T1135 form this year by July 31, 2014. All forms must be mailed to the CRA or dropped in an external frop box at a local tax office as there is no way to file electronically. The penality for failing to file the T1135 is $25 a day up to $2,500.
Mark Feldstein and Associates
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 and specializing in voluntary disclosure 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.
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