The cost amount (also referred to as the adjusted cost base) generally refers to the purchase price.
During the year, you may have purchased and sold various properties within the category. Consequently, the "Cost amount at year end" and "Max cost amount in 2016" may be different. If you didn't buy or sell anything, then those amounts should be the same.
E.g. At the beginning of the year you have three properties where the cost was $1000.
Therefore, your Max Cost Amount in 2016 would be $1150, but your Cost Amount at Year End is $1140.
The cost amount (also referred to as the adjusted cost base) generally refers to the purchase price.
During the year, you may have purchased and sold various properties within the category. Consequently, the "Cost amount at year end" and "Max cost amount in 2016" may be different. If you didn't buy or sell anything, then those amounts should be the same.
E.g. At the beginning of the year you have three properties where the cost was $1000.
Therefore, your Max Cost Amount in 2016 would be $1150, but your Cost Amount at Year End is $1140.
If the properties were purchased over 20 years ago for $120,000 and are now worth approx $275,000 do I have to complete part B on T1135
Please see our TurboTax FAQ for more information: T1135 Tax Form: Foreign Income Verification Statement
You have two methods of reporting: the simplified method and the detailed method. You can choose the simplified method if the cost of all foreign properties is less than $250,000. If the cost is more than $250,000, you have to use the detailed method. You choose the method of filing by ticking the appropriate box under the identification section in the T1135 form.
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