T1135 in the year becoming NR

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okinawafl
Posts: 96
Joined: Sun Jul 11, 2021 12:38 pm

T1135 in the year becoming NR

Post by okinawafl »

May I know if I need to file T1135 for this year when I file my 'departure tax return" for 2021. Is it based on the foreign asset I have before Sept when I still a resident of Canada (which is under cad 100k) or based on any month in 2021 (in Dec, I might just over cad 100k)?

Also, may I know when I visit my parents next month in Canada (stay 3 weeks), not sure if I need or has option to declare myself as visitor at the customer or a returning Canadian (which has tax exempt of $800) at the airport. I am ok with both because I only have few hundred dollar but just want to see if I need to declare as visitor in order to maintain CRA Non-resident of Canada for tax purpose?

Thanks.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: T1135 in the year becoming NR

Post by nelsona »

You are a visitor to Canada until you move back, so never declare yourself resident, and follow the exemptions for visitors.

This was on the CRA website:

Is T1135 required in year of departure?
Do I still have to file Form T1135? Yes. As long as you met the reporting requirement threshold of $100,000 at any time in the year, you must report on Form T1135 all specified foreign properties held during the year, even if you sold any or all of the property before the end of the year.

So, for your exit year T1135 is filed (or not) as it would be if you lived in Canada the whole year.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
okinawafl
Posts: 96
Joined: Sun Jul 11, 2021 12:38 pm

Re: T1135 in the year becoming NR

Post by okinawafl »

Thanks nelsona.
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