HenGallach

Hi, I think I've read on previous threads that UK pension schemes do not need to be included on a T1135. But I'm looking at the T1135 guidance and the Income Tax Act, and I can't specifically see there this is explicitly stated. All I can see in the Act is a section on exempt trusts which mentions that trusts that are part of pension arrangement are excluded. But does this exempt UK pension schemes ... I would not have thought they would be classed as Trusts? Any thoughts welcome.

Aviator

Understanding the new T1135 | Advisor.ca

'And when in doubt, file the T1135. There are no penalties for filing it even if it is not required'

Snowy560

I found this also available as a PDF but I couldn't link to the PDF.

See bottom of p40 and top of p41:

https://webcache.googleusercontent.c...&ct=clnk&gl=ca

Steve_

A SIPP is essentially a trust, and clearly a foreign trust with a pension objective, so no they don't have to be put on T1135.

As for Aviator's post that there's no harm in doing it, I would have agreed in the past but I don't agree now, if you don't need to file it, don't.

I have had the mother of all tax problems with T1135. The CRA keep losing it nearly every year and chasing me up for it, even though they have it. So last year I complained to the Ombudsman because I'm so sick of it, which was a very interesting investigation because the letter they sent me indicated that the CRA are basically totally hopeless at processing them. They pointed out that the CRA had lied to me (through omission) in the letters they had sent to me when I had submitted complaints and then after the Ombudman looked into it, the CRA sent me a penalty notice for not filing which was totally taking the piss because I obviously had.

So they turned it over to the Policy & Procedures Unit who are now attempting to figure out what in God's name has gone so wrong with such a simple task.