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Intuit

How do I declare foreign property in TurboTax?

If you owned or held foreign property during the year with a total cost of over $100,000 CAD, you need to complete Form T1135. Foreign property can include, but isn’t limited to:

  • A life insurance policy from a foreign issuer
  • Interest in any offshore mutual funds
  • Any real estate outside Canada
  • Money in a foreign bank account
  • Shares of a foreign company


You don’t need to declare:

  • Any investments you hold inside your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA)
  • Property that’s primarily for personal use, such as a car, cottage, paintings, or jewelry
  • Property used to run a business, such as a building, equipment, or inventory


Note: All amounts must be reported in Canadian dollars.

Before starting, fill out your personal information and tax profile to ensure optimal results. In your tax profile, select Yes to the question Did you own or hold specified foreign property where the total cost amount of all such property, at any time in [year], was more than $100,000 CAD?

  1. Select Find (the magnifying glass icon). 
  2. Type foreign income in the search bar. 
  3. Select Foreign Income Verification Statement (T1135), then Go.
  4. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information.

Before starting, fill out your personal information and tax profile to ensure optimal results. In your tax profile, select Yes to the question Did you own or hold specified foreign property where the total cost amount of all such property, at any time in [year], was more than $100,000 CAD?

  1. Select Find (the magnifying glass icon). 
  2. Type income verification in the search bar.
  3. Select Foreign Income Verification Statement (T1135), then Go.
  4. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information.

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