David (anonymous)

Good morning,
If the Vacant land gifted to a Canadian taxpayer in another country in 2013 or 2014 and is not generating any income, what year’s currency exchange rate of that real estate must be used when reporting on T1135 form on yearly basis in 2015? For example If a vacant land not giving any income or loss purchased in 2014 for 200000 CAD at the currency exchange rate at that point in time, how will I calculate its maximum cost amount during 2016 and the cost amount at that year’s end on T1135 form?
Is the maximum cost amount of that real property referring to fluctuating fair market value during the year 2015 and subsequent years as the property is not generating any income or its maximum cost amount during the 2015 and subsequent years will remain at same the price of purchase or acquisition a few years ago i.e. 2017 as 200000 CAD.