Do I really have to list enter all of the properties I own in the U.S. in the tax form?

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.

 

For more information or a guide on how to report read TurboTax FAQ: How do I declare foreign property in TurboTax? 

 

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