Marlene Cepparo, “Form T1135 and Part I Tax Return Reassessment” (January 2016) 24:1 Canadian Tax Highlights discusses technical interpretation 2015-0572771I7 (September 15, 2015). A late-filing penalty for a T1135 must be assessed within the normal reassessment period for the year to which the T1135 relates. The normal reassessment period is extended by three years, however, if the taxpayer does not report income from a specified foreign property.
