"I am a Permanent Resident since Sept 2016, I moved from Viet Nam. I owned house there, should I declare it on T1135 this year? How can I determine its fair market value?

[thutrangc1]

I am a permanent resident in Canada since Sept 2016.  I owed the house in VN not for renting out.  I left it for my brother and sister  staying there taking care the house while I moved here.  Should I declare it on T1135? If yes how can I determine its FMV of house back that date?  Any suggestion for FMV Calculation?

[TurboTaxLise · Accepted solution]

Yes you would have to declare it on the T1135. 

As for the FMV; this will depend on varying factors of your home back in VN which then needs to be converted to CDN$ for your tax return. 

Fair Market Value is defined as the price that a willing and knowledgeable buyer would pay to a seller. An estimate of fair market value may be based on precedent or trending factors in VN.