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jlm90
Returning Member

Do I need to file form T1161?

I moved to Korea in February 2019 and am still living there now. I can't figure out whether I need to fill out form T1161 ("List of Properties by an Emigrant of Canada"). It says you don't have to if the properties you own are worth less than $25,000. But I don't understand what it means by "properties." I don't THINK I have any properties that qualify, but I'm not sure. I have investments and mutual funds and an RRSP and a TFSA, but these don't count, do they? 

1 Reply

Do I need to file form T1161?

"Properties" is define by the CRA in the link provided below. RRSP and a TFSA are excluded from this but your investments and mutual funds may need to be declared. Therefore I would suggest you file a T1161. But for clarity please contact the CRA so they may assess your personal information and advise if you must declare these  amounts or not. 

 

The following number is for - Part XIII tax and non-resident withholding accounts living outside of Canada -  613-940-8499.

 

Please review the links provided below for more detailed information.

And for more information on how to get a hold of the CRA from outside of Canada - International tax and non-resident enquiries