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How do I declare foreign property in TurboTax?

SOLVEDby TurboTax38Updated 1 month ago

If you owned or held foreign property during the year with a total cost of over $100,000 CAD, you need to complete Form T1135. Foreign property can include, but isn’t limited to:

  • A life insurance policy from a foreign issuer
  • Interest in any offshore mutual funds
  • Any real estate outside Canada
  • Money in a foreign bank account
  • Shares of a foreign company

You don’t need to declare:

  • Any investments you hold inside your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA)
  • Property that’s primarily for personal use, such as a car, cottage, paintings, or jewelry
  • Property used to run a business, such as a building, equipment, or inventory

Note: All amounts must be reported in Canadian dollars.

Before starting, fill out your personal information and tax profile in TurboTax to ensure optimal results. In your tax profile, select Yes to the question Did you own or hold specified foreign property where the total cost amount of all such property, at any time in 20XX, was more than $100,000 CAD?

  1. Select Find and enter foreign income in the search bar
  2. Select Foreign Income Verification Statement (T1135), then Go
  3. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information

Before starting, fill out your personal information and tax profile in TurboTax to ensure optimal results. In your tax profile, select Yes to the question Did you own or hold specified foreign property where the total cost amount of all such property, at any time in 20XX, was more than $100,000 CAD?

  1. Select Find and enter income verification in the search bar
  2. Select Foreign Income Verification Statement (T1135), then Go
  3. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information