I have shares of Canadian companies that I purchased on US stock exchanges in US$. Do I need to list them in the T1135 form?

These holdings generate dividends but they are not subject o US Tax withholding. So I must assume they do not need to be listed. Correct?

I also saw something in the help saying that if you have T3 slips for your US$ holdings, then those holdings are out of scope of the T1135. Is this true?

Answer

Q1) No. As long as they are Cdn-home based companies (e.g. BCE, Suncor, Enbridge,etc), they do not fall into the foreign asset reporting requirements of the T1135.

Q2) This is no longer correct. As of tax year 2014, all foreign holdings must be reported if your total foreign cost base (in non-registered accounts) is greater than $100,000Cdn. Section 7 on new new form is specifically for those holdings held with a Cdn investment dealer - from whom you would normally receive a T3/T5. The T3/T5 form is also where you would source the relevant income data which is required to be reported on the T1135 (along with capital gains related to foreign holdings).





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