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T1135 - specified foreign property Posted on Dec 03, 2019

T1135 form is a beast . Foreign property over $100,000 needs to be disclosed . If you are not sure what goes on the form, ASK. Guessing is expensive as penalties are high . And not knowing the rules won’t relieve you from trouble . For example , investments in shares of foreign corporations held in a Canadian bank , do go on the form . But investments in a registered pension plan held out of Canada don’t need to be disclosed . Real property held as rental does go but real property used for an active business, doesn’t . Go figure ...