Who Needs to File?
In Canada, if you own foreign property with a cost exceeding CAD 100,000 at any time during the tax year, you must report it on Form T1135 – Foreign Income Verification Statement when filing your taxes.
You must file Form T1135 if:
- You are a Canadian resident (individual, corporation, trust, or partnership)
- The total cost of your foreign property exceeds CAD 100,000 at any time during the year
What Counts as Foreign Property?
The CRA considers the following as specified foreign property:
- Bank accounts held outside Canada
- Real estate outside Canada (if it’s an investment, not personal use)
- Shares in foreign companies (even if held in a Canadian brokerage)
- Interests in foreign mutual funds
- Foreign bonds or debts
- Interests in foreign partnerships, trusts, or insurance policies
Filing Deadline
- Same as your tax return (April 30 for individuals, June 15 for self-employed, corporate deadlines vary)
Refer to this link for details on the Canada.ca website.