Holding foreign property in the tax year with a total cost over $100,000 must be reported on form T1135, due on the same date as your tax return is due.
The penalties for late reporting are $25/day, up to $2500 max.
- 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
FREE TAX TIPS GUIDEBOOK
21 Tax Tips for Winning Financial Confidence
Little Known Tax Programs For Canadians Who Want To Pay Less Tax and Maximize Benefits