Can you use Turbotax Canada to report foreign income greater than $1,000,000

Yes, TurboTax software helps you report your foreign income and file the T1135 form of over CAD 100,000.

If you own foreign property that is valued at more than C$100,000 at any time during the year, you have to file the T1135 form, also known as the Foreign Income Verification Statement. You declare all specified foreign properties on the T1135. These properties include funds held in banks, stocks, shares of a non-resident corporation, interest, dividend, inheritance, land, and buildings that are outside Canada.

For more information, please visit following resources:

T1135 Tax Form: Foreign Income Verification Statement

Foreign Income and Tax Treaties

Foreign Reporting for Businesses

Reporting Foreign Property or Stocks

Resources from the Canada Revenue Agency(CRA):

• Foreign reporting
• Information returns relating to foreign affiliates
• Foreign Income Verification Statement

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