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How do I declare foreign property in TurboTax?

by TurboTax• Updated 1 week 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. 

Note: The CRA applies penalties for not filing or for late filing 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.

  1. Fill out your personal information and tax profile in TurboTax to unlock the Tax home screen.
  2. In your tax profile, at the screen for A few things we're required to ask, for the question In 2024, did you own foreign property that cost more than $100,000? select Yes.
  3. At the Tax home screen, under Add to your return, enter T1135 and select Foreign Income Verification Statement (T1135).
  4. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information.
  1. Fill out your personal information and tax profile, including:
    • On the Tax Profile screen What happened to you in 2024?, select Yes to the question Did you own or hold specified foreign property where the total amount of all such property, at any time in 2024, was more than $100,000 CAD?
  2. From the menu select Review, then select Tips, warnings and errors.
  3. At the Review: Warnings screen, for You’ve told us that you own or hold specified foreign property where the total cost was more than CAN$100,000… select Review, then select Applies to me.
  4. Follow the instructions on the Foreign Income Verification Statement (T1135) screens to enter your information.

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