Form T1135, the Foreign Income Verification Statement, must be filed annually by Canadian residents whose specified foreign property cost more than $100,000 at any time in the year. It is an information return; it discloses the holdings rather than itself imposing tax.
Specified foreign property includes foreign bank accounts, foreign real estate other than personal-use property, shares of non-resident corporations, foreign mutual funds, foreign-currency holdings above certain limits, and cryptocurrency held outside Canada. Late filing attracts daily penalties up to an annual cap, and failure to file or gross-negligence situations can attract substantially higher penalties. Because the cost threshold is based on cost rather than income, taxpayers with appreciated or income-free foreign assets can still have a filing obligation.