Do we have to report ownership of a foreign property used only for personal use if it's value is less than $249,000?

[TurboTaxLise]

Yes, you do and it's done on the T1135 form under the Income - Other income Sources and then T1135. 

[igunn48]

I am confused by this answer. Looking at form T1135 it clearly states there is no need to report personal use property, only specified property.

Specified foreign property does not include:
• a property used or held exclusively in carrying on an active business;
• a share of the capital stock or indebtedness of a foreign affiliate;
• an interest in a trust described in paragraph (a) or (b) of the definition of
"exempt trust" in subsection 233.2(1) of the Act;
• a personal-use property as defined in section 54 of the Act; and
• an interest in, or a right to acquire, any of the above-noted excluded
foreign property.

I have always declared my property when it was money deposited in a foreign bank however when I purchased a foreign vacation property I interpreted this as "personal use" therefore no need to fill in the form. Was I mistaken? Where can I find section 54 of the act.

[TurboTaxSusan]

From section 54:

personal-use property of a taxpayer includes:

(a) property owned by the taxpayer that is used primarily for the personal use or enjoyment of the taxpayer or for the personal use or enjoyment of one or more individuals each of whom is

(i) the taxpayer,

(ii) a person related to the taxpayer, or

(iii) where the taxpayer is a trust, a beneficiary under the trust or any person related to the beneficiary,