Foreign property disclosure

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.