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The objectives of this reporting requirement are:

• to enhance compliance with tax laws that require reporting of foreign-source income
  
• to increase taxpayers' awareness of these laws
  
• to provide information to the CRA for the purpose of verifying taxpayers' compliance with these laws
  
• to better target international tax evasion and aggressive tax avoidance
  

Form T1135, Foreign Income Verification Statement, must be filed by:

• Canadian resident individuals, corporations, and certain trusts that, at any time during the year, own specified foreign property costing more than $100,000
  
• certain partnerships that hold more than $100,000 of specified foreign property
  

Specified foreign property is defined in subsection 233.3(1) of the Income Tax Act and includes:

• funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada
  
• tangible property situated outside Canada
  
• a share of the capital stock of a non-resident corporation
  
• shares of corporations resident in Canada held outside Canada
  
• an interest in a non-resident trust that was acquired for consideration
  
• an interest in a partnership that holds a specified foreign property unless the partnership is required to file Form T1135
  
• a property that is convertible into, exchangeable for, or confers a right to acquire a property that is specified foreign property
  
• a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable
  
• an interest in a foreign insurance policy
  
• precious metals, gold certificates, and futures contracts held outside Canada
  

Can capital losses from the disposition of Canadian property be netted against capital gains realized on the disposition of specified foreign property in completing Form T1135?

No. The income and the gain (loss) on the disposition of each particular specified foreign property have to be reported separately on Form T1135. You cannot offset Canadian capital losses against foreign capital gains on Form T1135. Note that the purpose of Form T1135 is to identify foreign property and not to calculate taxable income.

A joint venture has property outside Canada with a cost amount in excess of $100,000 and the property is not used in an active business. Should the joint venture file Form T1135 or should each party to the joint venture agreement file the information return, based on the cost amount of the property owned by each of them?

A joint venture does not have to file Form T1135. However, each party to the joint venture that is a specified Canadian entity may have to file Form T1135, based on the cost amount of the property owned by each of them.