Hi Sir,
I was in US for last 10 yrs, not used any services and not paid taxes here in canada.I returned back to canada now.
Do I need to show all the account balances (like bank accounts, ESPP accts etc) while filing tax returns in Canada.?
Thanks
Do I have to show all the US balances in accounts while filing canada tax returns?
Form T1135 must be filed by Canadian residents if the total cost amount of their foreign assets is $100,000 or more at any time in the tax year. Foreign assets include foreign bank and foreign financial accounts. Form T1135 must be filed with your tax return by the due date (normally April 30, unless you are self employed). When you return to Canada, the cost amount of your foreign assets is bumped-up / down to their fair market value on the date of your return to Canada.
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