Canadian High Interest Savings Bank Accounts - Forum: Income tax filing

NokomisStation on Foreign Property Reporting Threshold increased to $200,000 from $100,000

Thu, 05 Nov 2026 09:24:14 -0700

Canadian-resident individuals, corporations and trusts, as well as certain
partnerships, must file a Foreign Income Verification Statement (Form T1135) with the Canada Revenue Agency if they own specified foreign property with a total cost of more than $100,000 at any time in a taxation year or fiscal period. Specified foreign property generally includes most types of income-earning property held outside of Canada, other than personal property and property used in carrying on an active business.

Form T1135 provides a simplified reporting method if the total cost of a taxpayer’s specified foreign property is less than $250,000 throughout the year.

Budget 2026 proposes to increase the threshold above which Form T1135 must be filed from $100,000 to $200,000. The Canada Revenue Agency would also increase the threshold for simplified reporting from less than $250,000 to less than $500,000.

These measures would apply to taxation years or fiscal periods that end after 2026.

Source: Government of Canada Budget document dated 2026 November 05

NokomisStation on Increase time to file a Notice of Objection to CRA from 90 days to 1 year

Thu, 05 Nov 2026 09:10:11 -0700

Extend the timeframe to file a notice of objection and remove the need for
taxpayers to request an extension of time. Taxpayers currently have 90 days
to file a notice of objection to an income tax assessment (or the later of
90 days and one year from the tax return filing due date in the case of an
individual or graduated rate estate) and, in most situations, have an
additional year to request an extension of time to file. Budget 2026 proposes
to provide most taxpayers with one year after a notice of assessment is sent
to file an objection, while individuals and graduated rate estates would have
until the later of that date and two years after their tax return filing due date.
This change would simplify the process for individuals and businesses and
eliminate the need for the CRA to review and approve extension requests.

Source: Government of Canada Budget Document 2026 November 05

The amendment would apply to assessments sent three months after royal assent of enacting legislation, the government noted.

AltaRed on Long overdue increase to tax amount that triggers instalments ($7,500 versus $3,000) 2028 implementation

Thu, 05 Nov 2026 08:31:38 -0700

Raising it somewhat makes sense BUT the downside of that is the potential size of the April 30th (now proposed to be May 15th) tax bill. I suspect it is going to be a 'ice plunge' for some folk to scrap up $7500 when their tax accountant prepares their tax returns.

NokomisStation on Long overdue increase to tax amount that triggers instalments ($7,500 versus $3,000) 2028 implementation

Thu, 05 Nov 2026 07:53:38 -0700

Among them, the government proposes to raise the minimum amount of income tax owing that triggers an obligation to pay tax in quarterly instalments throughout the year rather than at tax time. The threshold would increase from $3,000, where it was set in 2008, to $7,500, a level that would be indexed to inflation going forward. In Quebec, where the CRA only collects federal tax, the threshold would rise from $1,800 to $4,500 for individuals.

The change would spare the need to pay tax in instalment for self-employed Canadians with modest incomes, as well as seniors who receive modest amounts from sources such as RRIFs, Old Age Security and Canada Pension Plan payments, which are not subject to tax withholding. The new thresholds would apply starting in the 2028 tax year.

https://www.theglobeandmail.co.....s-wallets/

Peter on Pay instalments through internet banking

Mon, 24 Aug 2026 14:24:34 -0700

I just got an ad for this: https://www.paywithcasa.com/

It mentioned the "ScotiaGold Passport Visa" and at first I thought surely that was some typo, as I'd never heard of that card. (I'd also never heard of Casa.) But they advertise it as "Enjoy no transaction fees when you pay your rent or condo fees through Casa with your ScotiaGold Passport Visa Card" and you earn 1 Scene+ point per dollar on the rent payment if the payment is at least $350 per month.

Norman1 on Pay instalments through internet banking

Tue, 18 Aug 2026 12:35:32 -0700

Perhaps, lots of cardholders are signing up with Chexy and collecting 4% cashback on their recurring tax and rent payments charged to their Scotiabank Visa Infinite+ card.

Scotiabank would only be receiving 1.25% or 1.45% interchange for such large Emerging Segments charges.

hwyc on Pay instalments through internet banking

Mon, 17 Aug 2026 05:35:30 -0700

… Jinxed

Warwick111 on Pay instalments through internet banking

Mon, 17 Aug 2026 03:03:04 -0700

Looks like I am late to the party. I just signed up on Chexy last Friday and have an appointment at Scotia Bank tomorrow to open a Scotia Momentum Visa Infinite card to pay for my CRA installments and property taxes. Effective Oct.22, 2026, the 4% reward will be reduced to 1% for the high value transactions such as CRA, property taxes and rents so by using this card, one will end up with a -0.75% return.

Below is the link to the changes:

https://chexy.co/insider/chang.....ct-22-2026

hwyc on Pay instalments through internet banking

Fri, 14 Aug 2026 00:12:57 -0700

Briguy said

An even better way to pay your tax instalment is to pay through Chexy, assuming you have a Visa card that pays 3 or 4 % cashback for recurring payments. eg. if you pay through Chexy using a Scotia Momentum Visa Infinite card, you make about 2.25 % cashback. ( The card pays 4 % cashback on recurring payments and Chexy charges 1.75% handling fee ).

This is great! I can deliberately overpay my 2026 tax installment ... max out my 2026 4% cashback ... then get a tax refund in 2027

AltaRed on Foreign Income Verification Statement (T1135)

Wed, 01 Jul 2026 02:15:48 -0700

Scotia iTrade titles it specifically as 'Foreign Income Verification Report (T1135)'. It doesn't include the words 'tax slip' on Page 1 and T1135 is in parentheses rather than part of the main description. However, I agree that can be confusing and they should say something like (for T1135 reporting) rather than just (T1135).

Norman1 on Foreign Income Verification Statement (T1135)

Wed, 01 Jul 2026 01:58:11 -0700

I think some brokers, like Scotia iTRADE, incorrectly title the report as a T1135. The report is not a T1135 form. The information in the report is for one's T1135 form.

Yes, the $25 per day failing-to-file penalty for up to 100 days (minimum $100 and maximum $2,500) is hefty. See CRA: Table of penalties for the other penalties that also apply.

There is a balancing between taxpayer privacy and tax enforcement. The T1135 form is only required from taxpayers that have sunk $100,000 or more into specified foreign property. Most taxpayers have not done that. So, there is no need for CRA to receive detailed private info about the foreign shares in most people's brokerage accounts.

mikee on Foreign Income Verification Statement (T1135)

Tue, 30 Jun 2026 03:06:00 -0700

Norman1 I did not read the back page of the T1135 statement. Just read it now. I still think the penalty is a bit extreme. Why are these statements not sent to the government. Lesson learned.

countysaver on Foreign Income Verification Statement (T1135)

Tue, 30 Jun 2026 02:32:31 -0700

I've used uFile for more than a decade. When I reach the "Netfile" tab it shows very clearly that both forms need to be submitted independently; confirmation numbers for both actions are returned within seconds. I vaguely recall it wasn't always as transparent but full credit to the developers for making it obvious.

Norman1 on Foreign Income Verification Statement (T1135)

Fri, 26 Jun 2026 05:18:55 -0700

CRA doesn't know. That's why one needs to file a T1135 statement.

That foreign holdings or foreign income report from investment dealers is to help clients complete their T1135. The report is not an official tax form and is not sent to CRA.

Scotia iTRADE has this on the last page of one of my reports:

This report has been provided to you as a courtesy service, for informational purposes only and not for official tax purposes. The financial data contained in this report has not been sent or reported to the Canada Revenue Agency and is provided on a reasonable efforts basis using files provided to us by third parties. …

mikee on Foreign Income Verification Statement (T1135)

Fri, 26 Jun 2026 01:50:08 -0700

hwyc, I contacted StudioTax, something I should have done earlier and they confirm that filing T1135 must be done separately, something I have now done. There is now a limit regarding how much they can charge if they claim they never received my mailed copy.

AltaRed, I will visit my local MP if I am charged. $25.00 / day for late filing for something they already know, for I think most of us does not make sense.
Thank you for your replies. This is a great community.