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. TurboTax can link with the CRA’s Netfile service to file a T1135 form electronically.
Note: The CRA applies penalties for not filing or for late filing 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.
Complete Form T1135 in TurboTax Online
Fill out your Personal information in TurboTax to unlock 2024 tax return.
In completing your Tax profile, at A few things we're required to ask, for the question In 2024, did you own foreign property that cost more than $100,000? select Yes.
At 2024 tax return, under Add to your return, enter T1135 and select Foreign Income Verification Statement (T1135).
Follow the steps for the Foreign Income Verification Statement (T1135) to enter your information.
Complete Form T1135 in TurboTax Desktop
Fill out your personal information and tax profile, including:
On the Tax Profile screen What happened to you in 2024?, select Yes to the question Did you own or hold specified foreign property where the total amount of all such property, at any time in 2024, was more than $100,000 CAD?
From the menu select Review, then select Tips, warnings and errors.
At Review: Warnings, for You’ve told us that you own or hold specified foreign property where the total cost was more than CAN$100,000… select Review, then select Applies to me.
Follow the steps for the Foreign Income Verification Statement (T1135) to enter your information.
