If a person has say for example 10,000 dollars in a foreign bank account and a personal use foreign property above 100k CAD , does he/she need to file T1135 form?

Question

2511 viewsFebruary 13, 2017International Tax

0

Anonymous Posted January 23, 2017

Hi Allan,

I have a question so thought of reaching out to you. Before that I would like to thank you for your blog posts , they are very informative and useful. I would like to appreciate you for these blog posts. Great Job.

I have a question related to T1135 form (related to Specified foreign property). This form should be filed if the sum of all specified foreign property is greater than 100k CAD. I am aware that specified foreign property doesn’t include personal use property. So if someone has personal use property which is above 100k CAD then there is no need to file T1135 form as it is excluded and needn’t be considered for calculation

My question is: If a person has say for example 10,000 dollars in a foreign bank account and a personal use foreign property above 100k CAD , does he/she need to file T1135 form?

Thank you

1 Answer

score 0 · Answer 1 · 2017-02-16T15:10:21+00:00

In your example, you do not have to complete forum T1135 because the cost of the total specified property during the year did not exceed $100,000. Also, thank you for the positive feedback; I appreciate it.

If a person has say for example 10,000 dollars in a foreign bank account and a personal use foreign property above 100k CAD , does he/she need to file T1135 form?

1 Answer

Mississauga's Thought Leader

REQUEST A FREE CONSULTATION

Pin It on Pinterest