Hi,
I'm a Canadian citizen who lives in canada and my husband is a US citizen living in the US. In 2021, my husband bought a home and put my name on the title. In this case, do I need to report this in my taxes? If not, is there any benefits with reporting it?
Thanks,
Derek
If you own foreign property, remember your reporting obligations. You must file Form T1135, Foreign Income Verification Statement, on time.
The detailed reporting requirements on Form T1135 help combat international tax evasion and aggressive tax avoidance. The information gathered through this form strengthens the CRA’s ability to identify international tax non-compliance and ensure that everyone pays their fair share.
There are substantial penalties for failing to complete and file Form T1135 accurately and on time. The purpose of these penalties is to deter taxpayers from not reporting their obligations and to encourage them to give the CRA accurate information on the foreign assets they hold outside Canada.
For more information, please see the Canada Revenue Agency (CRA) link Do you have to report to the Canada Revenue Agency the foreign property that you own?
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