Question regarding T1135 Foreign Income Verification Statement

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elgoog
Posts: 39
Joined: Thu Sep 19, 2019 9:40 pm

Question regarding T1135 Foreign Income Verification Statement

Post by elgoog »

Hi,

I am a Canadian resident working for a US employer and I was looking at T1135 - foreign income verification statement. I have the following property in the U.S.

1. Cash
2. Shares that I received as RSUs from my employer
3. 401K account

The total value of these is over CAD $100K.

Which ones of these do I need to report? I am pretty sure I need to report 1. and 2. but I am not sure about 3.

Any suggestions?
elgoog
Posts: 39
Joined: Thu Sep 19, 2019 9:40 pm

Re: Question regarding T1135 Foreign Income Verification Statement

Post by elgoog »

Looks like 401K does not need to be reported since it is an exempt trust as per https://laws-lois.justice.gc.ca/eng/act ... 30626.html
nelsona
Posts: 17014
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Question regarding T1135 Foreign Income Verification Statement

Post by nelsona »

Correct
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
elgoog
Posts: 39
Joined: Thu Sep 19, 2019 9:40 pm

Re: Question regarding T1135 Foreign Income Verification Statement

Post by elgoog »

Thanks.

Another question regarding RSUs and cost basis. The instructions specify that you need to use cost basis. So e.g. if I received 100 shares at $10 in my brokerage account and 40 shares were sold to cover taxes, would my cost basis be $600 or $1000? Thanks
elgoog
Posts: 39
Joined: Thu Sep 19, 2019 9:40 pm

Re: Question regarding T1135 Foreign Income Verification Statement

Post by elgoog »

And also, if the securities are not generating any interest, dividends, etc., would the gross income be $0? Thank you.
JGCA
Posts: 754
Joined: Thu Nov 18, 2010 3:05 pm
Location: Montreal, QC Canada

Re: Question regarding T1135 Foreign Income Verification Statement

Post by JGCA »

you use original cost
JG
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