How do I fill out the form re: Foreign Property. I bought a house in the US - but it is my primary residence. Do I need to fill out this form?

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How do I fill out the form re: Foreign Property. I bought a house in the US - but it is my primary residence. Do I need to fill out this form?

Not all foreign property above the $100,000 limit needs to be declared on your tax return.

Here is a list of foreign property that you don't need to declare.

Any investments you hold inside your Registered Retirement Savings Plan and Tax-Free Savings Account don’t need to be included as specified foreign property.

Here are some other examples of foreign property you can exclude:

• Any property you own primarily for personal use, including your automobile, cottage, paintings and jewelry.

• Any property you use for running a business like a building, equipment and inventory. It’s important to remember that just because a company’s stock is traded on a foreign stock exchange, doesn’t mean you have to include it as foreign income. Many Canadian companies are traded in this manner; you aren’t required to count these towards the $100,000 limit for foreign property.

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How do I fill out the form re: Foreign Property. I bought a house in the US - but it is my primary residence. Do I need to fill out this form?

Not all foreign property above the $100,000 limit needs to be declared on your tax return.

Here is a list of foreign property that you don't need to declare.

Any investments you hold inside your Registered Retirement Savings Plan and Tax-Free Savings Account don’t need to be included as specified foreign property.

Here are some other examples of foreign property you can exclude:

• Any property you own primarily for personal use, including your automobile, cottage, paintings and jewelry.

• Any property you use for running a business like a building, equipment and inventory. It’s important to remember that just because a company’s stock is traded on a foreign stock exchange, doesn’t mean you have to include it as foreign income. Many Canadian companies are traded in this manner; you aren’t required to count these towards the $100,000 limit for foreign property.