I have a US dollar margin account with a Canadian brokerage firm which contains my investments in US companies. Since it's a margin account it also has a considerable debt used to purchase these investments (this debt is secured by my Canadian dollar margin account).
How do I properly account for these USD investments on a T1135 (assuming my totals even require me to file the T1135)?
Here's an example of my situation: Assume the ACB of the securities in the account is $100K USD but the account has a cash debt (margin) of $80K USD. The net value of the account is therefore $20K USD.
The account is joint with my wife so do we each include $10K USD or $50K USD (converted to CDN) for this account on our T1135?
We're sorry for any inconvenience. Please use the link to contact customer support, https://turbotax.community.intuit.ca/community/product-information/help/contact-us/00/873707.
As Mary-Ann said, you can contact our Tax Experts by phone by using this form to get the correct number: https://support.turbotax.intuit.ca/contact/
You can also contact the CRA and ask them how they want you to report these investments. Then we can help you find the right places to go in TurboTax.
If you are in Canada or the United States, you can call the Canada Revenue Agency (CRA) at 1-800-959-8281. If you are somewhere else you can call 613-940-8495. Here are more ways to contact the CRA: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html