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How do I declare foreign property in TurboTax?
by TurboTax• Updated 10 months 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. TurboTax can link with the CRA’s Netfile service to file a T1135 form electronically.
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.
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